Henry Ford Health System's annual net income quadruples

Detroit-based Henry Ford Health System saw its net income more than quadruple in 2019, according to audited financial documents released this week.

The health system recorded a net income of $354.5 million in 2019, more than four times the $86.8 million reported in 2018.

It has five acute care hospitals, two psychiatric hospitals and one specialty hospital. The system generated $6.3 billion in revenue in 2019, up from $5.9 billion the same period one year prior. 

Part of the revenue increase was attributed to a rise in net patient revenue from outpatient visits and expanded specialty pharmacy activity.  Year over year, the health system also saw its virtual care visits rise. The system saw 17,000 patients virtually in 2019, an increase of 123% from 2018.

The health system's expenses also rose, from $5.7 billion in 2018 to $6.1 billion in 2019. 

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