Catholic Healthcare Partners (CHP), Cincinnati, reported a 3.4% operating margin for the first six months of 2003, up from 2.8% in the first half of 2002. The 30-hospital, not-for-profit system also said revenue grew in eight of its nine regions. It netted an operating profit of $48.6 million on net patient service revenue of $1.35 billion for the six months ended June 30. That compares with operating income of $37.9 million on net patient service revenue of $1.24 billion in the 2002 period. Meanwhile, the system's overall profit margin improved to 4.4% from 2.2% in the year-ago period. CHP said it received $35 million from the June 1 sale of its 18.8% stake in Owensboro (Ky.) Mercy Health System to the majority owner, ODCH, and $2 million plus undetermined contingency payments based on member renewals for the July 31 sale of the commercial business of its Family Health Plan to Medical Mutual of Ohio, Cleveland. CHP said it has signed a letter of intent with an unnamed party to sell FHP's Medicaid business. -- by Mary Chris Jaklevic
Catholic system's margin, revenue rise
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