Ascension has posted an operating income of $676 million and an investment-buoyed $5.7 billion net income for the fiscal year ended June 30, 2021.<\/p>\n
The numbers are a clear turnaround from last years results, when the Catholic nonprofit landed more than $1 billion in the red with an operating loss of $639 million.<\/p>\n
However, the systems management noted that COVID-19 pandemic restrictions and consumer hesitancy continue to have an adverse impact on the systems overall volumes during fiscal year 2021. <\/p>\n
Government funding and favorable investment performance have contributed to the systems ability to sustain operations during this unprecedented time, the system wrote in an analysis accompanying its full-year operating results. Ascension is committed to managing discretionary expenses to focus on top priorities of caring for our patients and caregivers.<\/p>\n
Ascension said that it has received $1.8 billion in Provider Relief Fund distributions across fiscal years 2020 and 2021 but estimates a systemwide COVID-19 impact of more than $1.9 billion.<\/p>\n
Total operating revenue for the year came in at $27.2 billion, up from 2020s $25.3 billion. These yielded operating margins of 2.5% and negative 2.5%, respectively.<\/p>\n
RELATED: Ascension posts $17M loss in Q3 but sees bright spots in patient volumes<\/p>\n
Equivalent discharges and admissions were down 2.2% and 3.1% year over year. Emergency room visits dipped 10.7% from 2020 while urgent care visits plummeted 27.6%.<\/p>\n
Ascension did see modest year-over-year volume gains among outpatient visits (3%) and inpatient and outpatient surgery visits (3.3%). Virtual care skyrocketed nearly 60% in the latest fiscal year, landing just shy of 1.5 million total visits.<\/p>\n
Like other systems, Ascensions net profit for the year was boosted nearly $5.9 billion by its net investment return. It had lost over $418 million across its investments in fiscal year 2020.<\/p>\n
Also seen across the industry was this years increase in total operating expenses. Ascension reported a $972 million (3.8%) year-over-year rise in its overall costs, with a jump in salaries, wages and employee benefits comprising $547 million of that increase (4.3%). Unexpected costs of contract labor also contributed an additional $164 million over fiscal year 2020, while supply expenses leapt $369 million (10.1%).<\/p>\n
Ascension said it provided $2.3 billion in uncompensated care and other community benefits during fiscal year 2021. As of the end of June, it is sitting on 341 days of cash on hand.<\/p>\n
Ascension employs roughly 150,000 associates and has 40,000 aligned providers. It operates over 2,600 sites, including 146 hospitals, across 19 states and Washington, D.C.<\/p>\n
Its numbers for the year fit the trend reported by several other nonprofits. CommonSpirit, Mayo Clinic and Advocate Aurora have each reported a steady, but not full, rebound of volumes and revenue, although others, like Providence and Banner Health, stressed the rising impact higher expenses are having on their bottom lines.<\/p>\n
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Ascension latest nonprofit to rebound with $5.7B net income for 2021 - FierceHealthcare<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Ascension has posted an operating income of $676 million and an investment-buoyed $5.7 billion net income for the fiscal year ended June 30, 2021. The numbers are a clear turnaround from last years results, when the Catholic nonprofit landed more than $1 billion in the red with an operating loss of $639 million Continue reading