For the three months ended Dec. 31, 2018, Phoenix Children’s posted net patient revenue, after the provision for bad debt, of $203.3 million. That’s down 8.9 percent from the same quarter of the previous year. Phoenix Children’s attributed the change to a decrease in graduate medical education funding, which management expects will increase in 2019.
At the same time, Phoenix Children’s decreased its operating expenses for the most recent three-month period to $216.2 million, down from $224.2 million in the same period a year prior. Decreases in supplies, purchased services and professional fees primarily led to the improvement.
Phoenix Children’s recorded income from operations of $2.5 million for the three months ended Dec. 31, 2018, down from $11.3 million in the same quarter of 2017. After factoring in a $34.2 million investment loss and other nonoperating losses in the most recent quarter, Phoenix Children’s posted a net loss of $38.7 million.
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