The nonprofit health system’s operating revenue increased to $6.86 billion in the 12 months ended Dec. 31, 2019. That’s up from $4.93 billion in the same period one year prior.
The sharp increase in is primarily related to ProMedica’s acquisition of HCR ManorCare, one of the largest providers of post-acute services and long-term care in the U.S. The purchase was finalized in July 2018.
ProMedica also saw its expenses increase in 2019, to $6.66 billion, up from $4.74 billion reported in 2018. Most of the increase also was attributed to the acquisition of HCR ManorCare.
Overall, ProMedica ended 2019 with net income of $50.97 million, compared to a net loss of $66.47 million in 2018.
More articles on healthcare finance:
UPMC’s annual revenue tops $20B
CFOs upping salary offers to compete in tight job market
Tenet posts net income in Q4, but ends FY 2019 with a net loss
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.