Three things to know:
1. ProHealth generated net patient service revenue of $189.1 million in the three-month period, up 3.6 percent from the same period in 2017. The health system attributed the change to higher charges due primarily to a 4 percent annual price hike, as well as favorable hospital outpatient and clinic use.
2. At the same time, ProHealth’s operating income fell to $4.1 million in the three-month period, down 27.5 percent year over year. The health system primarily attributed the change to timing on recognition of its shared savings contracts through its ACO. ProHealth also earned $200,000 less on its joint venture equity earnings than in the prior year.
3. ProHealth saw expenses climb during the three months ended Dec. 31 to $202.3 million, up 3.7 percent year over year thanks in part to labor and supplies costs. After factoring in a nonoperating loss of $46.9 million — pulled down by investment losses driven by market conditions — ProHealth ended the three-month period with a net loss of $42.8 million, compared to net income of $35.8 million recorded in the same period a year prior.
More articles on healthcare finance:
Hospitals, not physicians, driving up healthcare costs for privately insured, study shows
Kaiser’s annual revenue grows to $79B
Private equity pushes into healthcare: 9 latest deals
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
