Northwestern Memorial HealthCare posts $13.3M net loss, 3% rise in operating income for Q1

Kelly Gooch - Print  | 

Chicago-based Northwestern Memorial HealthCare's operating income rose in the first quarter of fiscal year 2019, but the system ended the period with a net loss.

The nonprofit system reported revenue of $1.5 billion in the three months ended Nov. 30, up from $1.3 billion in the same period of the year prior. The growth was partially due to an increase in net patient service revenue, which rose 18.6 percent year over year to $1.42 billion, according to recently released bondholder documents.  

The system also saw expenses grow year over year, from $1.2 billion to $1.4 billion. Once expenses were factored in,  the health system ended the first quarter of fiscal year 2019 with operating income of $112 million. That's a 3 percent increase from operating income of $109 million in the first quarter of fiscal year 2018.  

After factoring in nonoperating gains and losses, including loss on investment, Northwestern recorded a net loss attributable to the health system and subsidiaries of $13.3 million in the quarter ended Nov. 30. That compares to net income of $337.5 million in the same period of a year prior.

 

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