Mass General Brigham records $1.1B net income in Q1

Boston-based Mass General Brigham, formerly Partners HealthCare, reported a net income of $1.1 billion in the first quarter of fiscal year 2021, which ended Dec. 31, according to recently released financial documents

The net income in the first quarter was largely driven by a nonoperating gain of $941 million. In the same quarter in the previous year, Mass General had a net income of $546 million, including a nonoperating gain of $501 million.

In the quarter ended Dec. 31, Mass General Brigham recorded total operating revenue of $3.8 billion. This compares to $3.6 billion recorded in the same quarter one year prior. 

The health system saw its net patient service revenue grow 4.5 percent year over year in the first quarter to $2.8 billion. Mass General said the growth reflects that it saw a higher patient acuity for both COVID-19 patients and non-COVID-19 patients. The growth comes despite a decline in systemwide inpatient discharges and lower volumes for some outpatient services.

Mass General also saw its expenses rise year over year to $3.7 billion, up from $3.6 billion recorded in the same quarter one year prior. 

Overall, Mass General saw income from operations nearly triple when compared to the same quarter last year. In the first quarter of fiscal 2021, Mass General recorded $129.6 million in operating income. This compares to $45.5 million in operating income recorded in the first quarter of fiscal 2020. 

"We began fiscal 2021 prepared for an imminent second surge of COVID-19, and while our case counts have increased since the summer, they remain well below the peak we experienced in spring 2020. In recent weeks, we have witnessed many of the leading indicators head in the right direction, and we hope we are seeing the beginning of the end"  said Peter Markell, CFO and treasurer at Mass General Brigham. "Although COVID-19 continues to impact patient activity, a handful of factors — including prior year settlements and ongoing controls over discretionary expenses — contributed to strong first quarter results."

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