The $97.4 million in operating income came from $2.6 billion in total operating revenue, resulting in a 3.7 percent operating margin. Partners’ net profit, including investment income and other gifts, was about $69.5 million in the third quarter, up from $59.1 million in the third quarter of 2012.
Total operating expenses increased $338 million in the third quarter, with the managed care organization Neighborhood Health Plan accounting for $238 million of the increase. Neighborhood Health Plan joined Partners in October 2012 and contributed $8 million to income from operations in the third quarter.
In the first nine months of Partners’ 2013 fiscal year, net profit stood at $439 million, up approximately 38 percent from nearly $319 million the first six months of last year. Revenue was also up 13.5 percent, from $6.7 billion in the first nine months of 2012 to $7.6 billion this year.
More Articles on Partners HealthCare:
Partners HealthCare Begins Using Remote Patient Monitoring
Partners HealthCare Launches At-Home Health Technology Platform
Massachusetts Commission Launches Review of Partners, South Shore Hospital Deal
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.