Palmetto Health swings into the black in FY 2016

Palmetto Health, a seven-hospital nonprofit system based in Columbia, S.C., ended fiscal year 2016 with a net surplus of $32.35 million, up from a net loss of $6.77 million the year prior.

Palmetto recorded revenue of $1.6 billion in FY 2016, up 26.9 percent from $1.27 billion in FY 2015, according to recently released bondholder documents. The financial boost was primarily attributable to an increase in net patient service revenue, which climbed 25.1 percent year over year.

The system's expenses also increased, growing 27.3 percent year over year to $1.59 billion in FY 2016.

Palmetto ended the most recent fiscal year with operating income of $26.44 million, compared to operating income of $22.51 million in the year prior.

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