Mercy Health’s profit plummets 62% in 2014

A $39.2 million loss on interest-rate swap agreements was one of the major factors leading to Cincinnati-based Mercy Health’s profit falling to $130.1 million in fiscal 2014, down from $343.3 million the year prior.

Advertisement

The system’s loss attributable to its foundation also grew in FY 2014, increasing to $9.9 million from $7.8 million in fiscal 2013.

However, Mercy’s operating results struck a more positive note in fiscal 2014. The system posted a $131.4 million operating surplus on $4.5 billion in revenue, compared with a $127.3 million surplus on $3.9 billion in revenue in FY 2013.

The system’s patient service revenue increased to $4.1 billion in FY 2014, up from $3.9 billion the preceding year.

More articles on healthcare finance:

CMS’ 2016 IPPS proposed rule: 10 points to know
Senate Republicans hesitant to support Medicare overhaul plan
Northwestern Memorial’s operating surplus climbs post merger

Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit

Advertisement

Next Up in Financial Management

Advertisement

Comments are closed.