Catholic Health Initiatives ended its first quarter with an operating surplus as expansion and patient demand helped boost revenue. But poor investment returns drained cash from the system's balance sheet and left CHI with a net loss for the quarter.
More patients visited CHI's hospitals, emergency departments and clinics during the three months that ended Sept. 30 than during the same period a year ago, contributing to an 11% increase in revenue from treating patients.
The Englewood, Colo.-based system, which operates in 18 states, also reported a revenue gain of $141.7 million from a joint management and operating agreement with Longmont (Colo.) United Hospital.
Since the first quarter of 2014, CHI has acquired several hospitals. Fast growth has strained the system's finances, but CHI slashed expenses last year to turn around its losses and end the year with a surplus.