The nonprofit health system posted total operating revenue of $4.9 billion in the 12 months ended Dec. 31, 2018, up 56.5 percent from $3.2 billion reported in fiscal 2017. ProMedica attributed a large portion of the increase to its acquisition of HCR ManorCare, the second-largest provider of post-acute services and long-term care in the U.S.
ProMedica saw its operating expenses also increase in fiscal 2018 to $4.7 billion, up 57.5 percent from $3 billion in fiscal 2017. Most of the increase was related to ProMedica’s acquisition of HCR ManorCare and a rural hospital, as well as increases in provider expenses.
For the 12-month period, ProMedica posted operating income of $40.9 million, up from $7.6 million reported in the same period in 2017. The increase, again, is due to the acquisition of HCR ManorCare.
However, ProMedica recorded a $32 million loss on investments and $20.9 million in losses on discontinued operations, among other nonoperating costs, in fiscal 2018. After including nonoperating results, and another $30.2 million in restructuring and severance costs, ProMedica ended fiscal 2018 with a $70 million net loss, compared to net income of $134.5 million in fiscal 2017.
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