Scripps quarterly revenue up $106M

San Diego-based Scripps Health's revenues and operating income increased during the second quarter of its fiscal year 2020, according to recently released unaudited financial documents.

Scripps reported revenues of $899.6 million in the second quarter of fiscal 2020, which ended March 31. That's up from revenues of $793.5 million in the same period a year earlier. The year-over-year boost was largely attributable to higher provider tax revenue. It was partially offset by a $17.5 million decrease in "other operating revenue" for a confidential legal settlement, Scripps said. 

Expenses were up 13.1 percent year over year in the second quarter of fiscal 2020. Scripps said the increase was attributable to several factors, including an increase in wages and benefits due to adding employees as a result of higher volumes at hospitals and clinics. 

Scripps ended the second quarter of fiscal 2020 with operating income of $47.1 million, up from $40.1 million in the first quarter of fiscal 2019. 

After factoring in nonoperating items, Scripps reported a net loss of $296 million in the second quarter of fiscal 2020. A year earlier, the health system posted net income of $209.4 million. 

Scripps said it received funds from the $175 billion in relief aid Congress has allocated to hospitals and other healthcare providers to cover expenses and lost revenues tied to the COVID-19 pandemic. In April, Scripps received $45.4 million in federal grants. 

The health system also applied for and received $204 million of Medicare advance payments, which must be repaid. Those funds were received in April, Scripps said. 

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