The growth in net income was largely attributed to nonoperating gains, which totaled $794 million in 2020.
In the 12 months ended Dec. 31, the health system recorded net revenue of $7.7 billion, up from $7 billion recorded in 2019. Although total revenue grew year over year, patient service revenue dropped slightly from $6 billion recorded in 2019 to $5.9 billion recorded in 2020.
During 2020, Intermountain also recognized $220 million in grants from the Coronavirus, Aid, Relief and Economic Security Act.
Intermountain’s expenses climbed in 2020 to $6.9 billion, up from $6.1 billion recorded in 2019.
The hospital system ended the year with an operating income of $378 million, an increase of $4 million from 2019.
More articles on healthcare finance:
California hospital foundation receives $50M gift to support expansion
Baylor Scott & White job cuts, outsourcing expected to save $600M
Tennessee hospital 6 weeks behind on paychecks, employees say
