ProMedica's annual revenue climbs to $6.86B

Toledo, Ohio-based ProMedica saw its revenue climb 39 percent in 2019, according to unaudited financial documents.

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.

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