Naples, Fla.-based NCH Healthcare System saw its revenue and net income improve in the 2018 fiscal year, according to recent financial documents.
The nonprofit health system recorded revenues of $632.2 million in the year ended Sept. 30, 2018. That's up 11.8 percent from $557.8 million reported in fiscal 2017. NCH Healthcare attributed the change to an increase in net patient service revenue, thanks to a 7.6 percent uptick in admissions and new physicians in 2018.
At the same time, the health system posted expenses of $608 million in fiscal 2018, up 10.9 percent from $541.9 million recorded in the year prior. The increase was primarily due to NCH Healthcare's decision to bring its IT department in house, as well as expenses related to supply procedures.
NCH Healthcare also saw a year-over-year increase in operating income, up 34.5 percent from $15.9 million in 2017 to $24.2 million in 2018.
The health system ended fiscal 2018 with net income of $37.3 million, up 45.3 percent from $20.4 million reported in the year prior. NCH Healthcare said the change was mainly due to an increase in investment income of $8.6 million, as well as an increase in other operating revenue of $7.6 million.
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