Northwestern Memorial HealthCare's September 2014 acquisition of Cadence Health continued to pay dividends for the Chicago-based not-for-profit during the quarter ended May 31, as large hospitals across the country scoop up smaller shops.
But Northwestern's revenue gains were balanced by rising expenses during the third quarter.
Total revenue ballooned 57.4% in the three months ended 2015 over the prior year. The revenue boost was a continuation of growth as Northwestern saw a 58.5% uptick in total revenue for the nine months ended May 31 over the same time period last year.
Northwestern also saw an operating income of $60.4 million, which was a 10.8% boost in operating income during the quarter ending May 31 over 2014. Net income jumped 66.9% during the three months ended May 31 over the previous year, and quadrupled during the nine months ended May 31 over the prior year.
However, Northwestern also accrued a 61.9% increase in expenses for the quarter ended May 31 over the same time period a year ago. It doled out $380.2 million in salaries, a 66.8% uptick over the previous year. Depreciation and amortization also shot up 94.9% during the quarter ending May 31 over 2014.
Admissions increased 51.7% for the three months ended May 31, and inpatient emergency room visits grew 91.1%. Deliveries increased 29% for the quarter ended May 31.
Northwestern is seeking more growth. In May, it signed a letter of intent to affiliate with two hospital KishHealth system in DeKalb, Ill.
