In the quarter ended Dec. 31, Dana Farber saw its total operating revenue reach $582.8 million, an 11.2 percent increase over the same period one year prior. The cancer center saw patient service revenue increase 9.9 percent year over year to $373.6 million. Dana Farber attributed the increase in patient revenue to growth in pharmacy revenue and a payment it received from the Embassy of Kuwait in December for unpaid medical bills.
Dana Farber also said it recognized $22.8 million in relief funding from the Coronavirus, Aid, Relief and Economic Security Act in the first quarter of fiscal 2021.
Dana Farber saw its operating expenses grow to $525.5 million in the first quarter of fiscal year 2021, an 8.7 percent increase from the same period in fiscal 2020.
The Boston-based cancer center ended the first quarter of fiscal 2021 with an operating income of $57.4 million, up from $40.7 recorded in the first quarter of fiscal 2020.
Overall, Dana Farber posted a net income of $128.2 in the first quarter of fiscal 2021, compared to a net income of $84.2 million for the first three months of fiscal year 2020.
More articles on healthcare finance:
CMS boosts reimbursement for COVID-19 vaccine administration
5 healthcare groups urge Congress to halt 2% Medicare sequester cut
New York hospital to cut 60 jobs
