Catholic Health Services of Long Island ended the first half of the year with a hefty increase in its surplus as the system saw solid growth in patient revenue.
The system, based in Rockville Center, N.Y., includes six hospitals and several nursing homes and continuing-care centers and has sought strategic growth in recent years through physician employment and affiliations. The Long Island-based system launched a physician hospital organization in January 2014 with 600 doctors and in November last year acquired a stake in the independent physician network Beacon Health Partners.
In the six months that ended June 30, Catholic Health Services of Long Island saw its surplus increase 40% to $9.1 million compared with $6.5 million for the same period the year before.
The system's patient revenue increased 6.5% to $1 billion and contributed to total revenue of $1.2 billion for the six months, an increase of 6.3% during the first half of the year.
Expenses grew more slowly at 6.1%, with an increase to $1.1 billion for the six months.
The system has emphasized growth in primary-care physician employment as part of its strategy, according to information provided to investors last year.
