Northwestern Memorial HealthCare posts net loss, higher operating income in Q3

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

The nonprofit system reported revenue of $1.5 billion in the three months ended May 31, up from $1.3 billion in the same period the year prior. The growth was largely due to an increase in patient service revenue, which rose 17.5 percent year over year to $1.44 billion, according to recently released bondholder documents.

The system's expenses also climbed, from $1.3 billion in the third quarter of fiscal year 2018, to $1.5 billion in the third quarter of fiscal year 2019.

Once expenses were factored in, Northwestern Memorial HealthCare ended the third quarter of fiscal year 2019 with operating income of $51 million. That's up 68 percent from $30 million in the third quarter a year prior.  

But after investment losses, the system recorded a net loss of $897,000 in the third quarter of fiscal year 2019, compared to the net income of $85.5 million the system reported in the third quarter of fiscal year 2018.

 

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