Advocate Aurora Health was formed in April 2018 with the merger of Downers Grove, Ill.-based Advocate Health Care and Milwaukee-based Aurora Health Care. Since 2018 was the health system’s debut year, some financial and operating results were presented on a pro forma basis, using accounting records of Advocate Health and Aurora Health as if they had been a combined company for all of 2018.
The health system, which has dual headquarters in Downers Grove and Milwaukee, reported revenue of $12.2 billion in 2018, up from $11.7 billion a year earlier. The increase was fueled by strong patient volume growth. Advocate Aurora Health said outpatient visits and home care visits climbed 4.7 percent and 6 percent, respectively, year over year. Advocate Aurora, like many other health systems, reported a slight decline in discharges in 2018.
After factoring in a 4.2 percent year-over-year increase in operating expenses, Advocate Aurora posted operating income of $472.4 million in 2018. That’s down from $554.7 million in 2017.
Advocate Aurora reported a nonoperating loss of $277.1 million in 2018, which included an investment loss of $267.3 million. The system ended 2018 with net income of $150.5 million, down from $1.2 billion a year earlier.
More articles on healthcare finance:
11 recent hospital, health system outlook and credit rating actions
New law requires Colorado hospitals to report annual spending
Academic medical centers will face tougher competition, Moody’s says
