Intermountain Healthcare reported a solid first quarter, banking on increased premiums from its health insurance division, SelectHealth, and slightly increased patient service revenue.
The Salt Lake City-based not-for-profit reported $516.1 million in revenue from premiums and administrative fees charged to self-funded employers during the three months ended March 31, up nearly 19% from $435.3 million reported during the same period a year ago. Preliminary figures released earlier this year suggest that SelectHealth was one of the most popular options on the individual and small-group exchanges in Utah.
Patient service revenue was $928.8 million, up 6% from $877.5 million in the first quarter of 2014.
Those rising revenues left the 22-hospital system with $1.5 billion in total revenue for the first quarter, up 15% from $1.3 billion during last year's first quarter. Intermountain reported a $142.5 million operating surplus for the quarter, up 9% from $130.5 million during last year's first quarter.
Expenses were relatively stable, with the exception of a 17% increase in supply costs. Intermountain's operating margin was 9.7%, down from 9.9% during last year's first quarter.
The system's total surplus was $154.5 million for the first quarter, up 4% from $148.6 million the year before. This was offset slightly by a 33% drop in investment income from $18 million to $12 million.
Intermountain did not release utilization statistics or information on its payer mix in its quarterly results.
