Here are four things to know about Tufts’ first quarter results, according to recent bondholder documents.
1. A Tufts spokesperson told Becker’s Hospital Review “strong investment markets have significantly improved our nonoperating gains, year over year, with almost $8 million of additional investment earnings recorded in December 2017 versus December 2016.”
2. While net income increased, Tufts saw its operating income fall to $272,000 in the three months ended Dec. 31, 2017. That’s a 67.8 percent drop from $844,000 posted in the same period a year prior. Tufts said the $572,000 decrease is minimal for the first quarter of the fiscal year and is driven by salary and wage increases related to overtime and contract labor.
3. At the same time, Tufts saw operating expenses creep up 8.9 percent to $268.1 million in the first quarter of 2018, compared to $246.2 million in the same period a year before. Tufts attributed the increase to salaries and wages and more medical and surgical supplies used for higher acuity cases.
4. Year over year, Tufts recorded an 8.7 percent increase in operating revenue to $268.4 million. Tufts said the change was due to continued patient volume growth, as well as a rising case mix in the first quarter.
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