Sentara Healthcare's annual net income nearly doubles

Norfolk, Va.-based Sentara Healthcare saw its financial picture improve in 2017, according to recently released bondholder documents.

The 12-hospital system reported revenues of $5.3 billion in 2017, up from revenues of $5.1 billion in the year prior. The increase was largely attributable to an increase in net patient service revenue, which climbed 5.8 percent year over year to $4 billion in 2017.

After factoring in expenses, which grew 4.2 percent year over year, Sentara ended 2017 with operating income of $244.1 million. That's compared to 2016, when the health system reported operating income of $233.8 million.

Sentara benefited from strong nonoperating gains in 2017, which fueled a significant increase in net income. The health system ended 2017 with net income of $616.3 million, up 71.7 percent from net income of $359 million in 2016.

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