Genesis HealthCare posts $6.9M net loss for 2018

Zanesville, Ohio-based Genesis HealthCare System saw revenues increase in 2018 but ended the 12-month period with a net loss.

The integrated healthcare delivery system recorded consolidated operating revenue of $552.8 million in 2018, up 6.1 percent from $520.7 million in the same period a year prior, according to audited financial documents. Hospital net patient service revenue increased year over year, from $390.7 million to $411.8 million.  

At the same time, Genesis HealthCare's total consolidated operating expenses increased 5.7 percent in 2018 to $549.7 million, while total hospital operating expenses increased by $16.3 million, or 4.6 percent. Increases in salaries and benefits, as well as supply costs, contributed to the growth. The system saw consolidated salaries and benefits increase by $10.4 million, or 4 percent, in 2018 compared to a year earlier. Consolidated supply costs increased by $4.8 million, or 6.4 percent, year over year.

For the 12 months ended Dec. 31, Genesis HealthCare recorded operating income of $3.1 million, compared to operating income of $705,000 in 2017.

After factoring in nonoperating results, including about $10 million lost on investments, the system ended 2018 with a $6.9 million net loss compared to net income of $17.7 million in the same period a year prior.

 

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