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Dignity Health in joint venture discussions with teaching hospital

San Francisco-based Dignity Health saw revenues and operating income increase in the first quarter of fiscal year 2017, which ended Sept. 30.

The 39-hospital system reported revenues of $3.25 billion in the first quarter of FY 2017, up from $3.08 billion in the same period of the year prior. The financial boost was partially attributable to an increase in net patient and premium revenues, which increased 5.1 percent year over year.

During a first-quarter investors call, Daniel Morissette, senior executive vice president and CFO of Dignity Health, provided an update on the health system's strategic initiatives. He said Dignity is in discussions to create a joint venture with an undisclosed major academic medical center in the San Francisco Bay Area. Mr. Morissette said discussions are in early stages.

Dignity Health ended the first quarter of FY 2017 with operating income $30.77 million. That's a significant improvement from the $47.54 million operating loss the system recorded in the first quarter of FY 2016.

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