Baptist Health System was buoyed by a slight uptick in emergency room visits and admissions during the six months ended June 30, as the Birmingham, Ala.-based system comes off the heels of the recently agreed-upon joint venture with Tenet Healthcare Corp.
Baptist Health saw a 3.7% increase in operating revenue for the six months ended June 30 over the same time period a year ago. The uptick continues a small upward trend for the four-hospital system, as annual operating revenue increased 2.2% from 2013 to 2014.
The system's admissions grew 2.2%, and ER visits rose 2.4% for the six months ended June 30 over the previous year's same time period.
In December 2014, in anticipation of the formation of the joint venture with Tenet in 2015, Baptist Health liquidated $198.5 million of its investments, including assets restricted to development. It realized a gain of $15.8 million in non-operating revenue from the sales.
Baptist Health's operating expenses also grew, however, and the system doled out 1.7% more in salaries and wages for the six months ended June 30 over the same time period a year ago. However, the system's excess of revenues and gains over expenses increased 19.2% for the quarter ended June 30. That trend has continued from fiscal 2013 to 2014, when Baptist Health's excess of revenues and gains over expenses increased from $10 million to $25.4 million.