Higher patient volume led to a boost in revenue for Baptist Health South Florida, but higher expenses put a dent in the system's surplus for the fiscal year.
Inpatient admissions rose 2.2% and emergency room visits grew 5.2% in the year ended Sept. 30 compared with the previous year, the Coral Gables, Fla.-based system said in unaudited financial results disclosed to bondholders. Urgent-care center visits increased 10.8%.
The jump in utilization led to a 3% boost in net patient revenue, and total revenue jumped 3.3% to almost $2.4 billion.
But increases in wages, salaries and benefits and supplies contributed to an 8.6% rise in total expenses. As a result, the system's operating surplus shrank to $75.9 million in fiscal 2015 from $181.2 million.
The system's investments also took a hit. Baptist lost $156.1 million for the year, after a gain of $178.7 million in fiscal 2014.