Partners HealthCare's annual revenue climbs to $14B

Boston-based Partners HealthCare saw its revenue and operating income rise in fiscal year 2019, according to financial documents released Dec. 6.

Partners, which is changing its name to Mass General Brigham, reported operating revenues of $14 billion in fiscal 2019, which ended Sept. 30. That's compared to a year earlier, when the health system's operating revenues totaled $13.3 billion.

Net patient service revenue and research revenue increased 9 percent and 8 percent, respectively, year over year. In the most recent fiscal year, strong results on the provider side of the organization offset losses from Partners' insurer, Allways Health Partners.

Partners ended fiscal 2019 with operating income of $484.5 million, up from operating income of $309.9 million in fiscal 2018.

"Our primary areas of focus — the delivery of the best patient care possible and the pursuit of new cures through research — helped deliver very strong operating results for our system," Partners Treasurer and CFO Peter K. Markell, said in an earnings release.

Partners reported a 3.5 percent operating margin for fiscal year 2019, up from a 2.3 percent operating margin in the year prior.

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