Miami-based Baptist Health South reported rising expenses and shrinking total revenue for its first quarter ended Dec. 31, factors that resulted in an operating surplus loss for the not-for-profit health system.
Total revenue dropped 2.5%, compared to the prior-year period, and expenses shot up 4.8%. In particular, wages, salaries and benefits at the system rose just under 4.8%, compared to the prior year's quarter.
Baptist Health saw a loss of $15.7 million in its surplus on $580.3 million in total revenue for the first quarter, compared to $26.7 million in surplus on $595.3 million over the same period in 2014.
Admissions to the system's hospitals stayed virtually the same, with Baptist reporting 18,851 patient admissions for the quarter, compared to 18,841 admissions during the prior-year period. However, emergency department visits increased 2.5% over the previous year's quarter.
Income from investments trended significantly higher however, because of a big swing in net unrealized gains and losses. Baptist Health reported investment income of $35.6 million, compared to $5.9 million during the first quarter of 2014.