Scripps records operating loss in Q2

Although San Diego-based Scripps Health saw its net income jump in the second quarter of fiscal year 2021, it also recorded an operating loss, according to financial documents published June 11.

For the quarter ended March 31, Scripps' operating revenue hit $874.6 million, a decrease of 2.8 percent from the same quarter one year prior. Scripps said the revenue decrease was primarily driven by a $72 million dip in provider tax revenue and an $11.5 million decrease in capitation premium revenue. 

Operating expenses increased 3.1 percent to $879.6 million in the three-month period ended March 31, which Scripps attributed to an increase in paid full-time employees, supply costs and physician services expenses. 

The health system posted a $4.8 million operating loss in the second quarter of fiscal year 2021. In the same quarter one year prior, the health system had an operating income of $47.1 million.

After factoring in investment gains and other nonoperating items, Scripps ended the second quarter of fiscal 2021 with a net income of $99.6 million. In the same quarter last year Scripps recorded a net loss of $296 million. 

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