The network of 11 acute care hospitals saw its operating revenue increase to $1.16 billion in the first quarter ended Dec. 31, 2019. This compares to $1.07 billion posted in the same period one year earlier.
Prisma said its operating revenue growth was primarily driven by higher patient volumes in the Greenville, S.C., market.
Despite the operating revenue increase, the system reported an operating loss of $9.32 million in the first quarter of 2020. This compares to an operating loss of $13.81 million in the first quarter of fiscal 2019.
The system said the increase in operating expenses contributed to the loss. Year over year, the system saw its expenses increase 7.8 percent to $1.17 billion.
Prisma attributed its operating expense growth to an increase in salary for its employees and supply costs.
Prisma said it is working to improve operating efficiencies. One recently announced solution is the layoff of 327 employees.
Nonoperating activities generated revenue of $82.9 million for the system in the first quarter.
Overall, Prisma ended the first quarter of fiscal 2020 with a net income of $73.62 million, up from a $137.52 million net loss in the same period last year.
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