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.

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

© Copyright ASC COMMUNICATIONS 2019. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.

 

Top 40 Articles from the Past 6 Months