Partners HealthCare sees net income soar 51% in Q1

Boston-based Partners HealthCare saw its financial picture improve in the first quarter of fiscal year 2018, according to recently released financial documents.

Partners saw operating revenue increase 6 percent year over year to $3.4 billion in the first quarter of 2018. After accounting for a 2 percent increase in expenses, Partners ended the first quarter of fiscal year 2018 with operating income of $114.8 million. That's compared to the first quarter of fiscal year 2017, when the health system posted an operating loss of $17.4 million.

Partners' nonoperating gains fell year over year, but the system's net surplus still grew. The health system ended the first quarter of fiscal year 2018 with net income of $242.2 million, up 51 percent from $159.9 million in the same period of the year prior.

"We experienced strong first quarter results, driven by volume growth, new efficiencies realized through our Partners 2.0 initiative, and greatly improved performance at Neighborhood Health Plan," said Peter K. Markell, CFO and treasurer of Partners HealthCare. "Our challenge through the fiscal year will be to continue executing on our growth and efficiency plans so that we are able to make investments in patient care, research and teaching on behalf of our patients."

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