The system’s revenues jumped 22.1 percent to $2.6 billion in 2014 compared to the year prior. ProMedica reported an uptick in net patient service revenue and premium revenue, which were up 10.6 percent and 47.2 percent, respectively, over the system’s 2013 numbers.
The system’s Medicare and Medicaid payer mix didn’t change from 2013 to 2014. However, self-payers made up 20 percent of the system’s mix, down 4 percent from the previous year, and commercial and other payers increased by 4 percent year over year.
ProMedica ended fiscal 2014 with operating income of nearly $84 million, which is a 75.5 percent increase from the system’s 2013 operating income of $47.4 million.
More articles on healthcare finance:
21 financial benchmarks for hospital executives
5 hospitals and health systems with strong finances
Private equity investment in healthcare and the 4 questions executives should ask before the sale
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.