Chicago-based Northwestern Memorial HealthCare saw operating and net income increase in fiscal year 2017, as patient revenue grew and expenses were kept in check.
Northwestern Memorial HealthCare's revenue increased 10.8 percent in the year ended Aug. 31, 2017, to $4.8 billion, according to recently released financial documents. This is compared to $4.4 billion in fiscal year 2016. The incline was largely attributable to patient revenue growth of 12.1 percent year over year to $4.7 billion in 2017.
The health system did post growing expenses, although they did not outpace revenue. Northwestern Memorial HealthCare reported expenses of $4.5 billion in fiscal year 2017, up 9.9 percent from $4.1 billion reported in fiscal year 2016. The system saw supplies costs rise 15.4 percent year over year and employee benefits increase less than 1 percent.
The system achieved an operating income of $301.2 million in fiscal year 2017, up 25.8 percent from fiscal year 2016.
After factoring in a boost in nonoperating income, Northwestern Memorial HealthCare's net income grew 37 percent to $983.6 million in fiscal year 2017, up from $718.2 million in the year prior.