Intermountain's revenue tops $2.3B in Q1

Intermountain Healthcare saw its revenues increase in the first quarter of this year, but the Salt Lake City-based health system's operating income declined year over year, according to recently released unaudited financial documents

For the three months ended March 31, Intermountain reported revenues of $2.33 billion. That's up nearly 12 percent from $2.08 billion in the same period last year. Patient services revenue declined year over year, while premiums and capitation climbed more than 29 percent. 

Intermountain's expenses totaled $2.1 billion in the first quarter of 2020, up 18 percent from the same period a year earlier. Expenses increased across all categories, including supplies and employee compensation and benefits.

Intermountain ended the first quarter of this year with operating income of $115 million, down from $193 million a year earlier. After incorporating nonoperating income, including $1.1 billion in investment losses, the health system posted a net loss of $1 billion in the first quarter of 2020. In the first quarter of 2019, Intermountain reported net income of $591 million. 

More articles on healthcare finance:
Fortune 500: 40 healthcare companies make 2020 list
Mayo Clinic's operating income drops 88% in Q1
Tower Health takes financial hit from COVID-19, Epic install costs

© Copyright ASC COMMUNICATIONS 2020. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.