Cape Fear Valley Health System rode better cash collections and higher volumes in surgeries and outpatient cancer services to post improved revenues and operating surpluses in its 2015 fiscal year ended Sept. 30, according to audited financial statements released last week.
The Fayetteville, N.C.-based system, formerly known as Cumberland County Hospital System, saw its 2015 revenue grow $44.2 million, or 7%, to $691.1 million, compared with $646.9 million the prior year, the financial statement showed.
Cape Fear Valley posted an operating surplus of $24 million in 2015 compared with an operating surplus of $18.7 million a year ago.
The system's net surplus fell to $23.9 million compared with $36.5 million in 2014, largely as a result of a big negative swing in investment income. For 2015, Cape Fear Valley lost $434,000 in investment income compared with an investment gain of $17.6 million the prior year.
Those 2015 results exclude a $65.4 million non-operational charge for changes in accounting practices.
Cape Fear Valley's revenue boost in 2015 was a turnaround from the prior year when decreases in government payer reimbursement and lower overall patient volumes combined to drive its revenue down by 2%, according to the statement.