ProMedica, a 13-hospital, nonprofit system based in Toledo, Ohio, saw its financial picture improve in the first quarter of 2018.
ProMedica ended the first quarter of this year with revenues of $852 million, up from $754.6 million in the same period a year earlier. The boost was partially attributable to higher membership in the system's Medicaid product. ProMedica's insurance division also acquired a dental insurance company at the end of 2017 that added $16.3 million in membership revenue, according to recently released bondholder documents.
After factoring in operating expenses, which climbed 12.6 percent year over year, ProMedica ended the first quarter of 2018 with an operating loss of $2.72 million. That's compared to the first quarter of 2017, when the system recorded an operating loss of $7.73 million.
ProMedica posted a $2 million investment loss for the first quarter of 2018, compared to an investment gain of $71.4 million in the same period of the year prior.
The health system ended the first quarter of this year with net income of $7.9 million, down from $54.2 million in the same period of 2017.
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