Trinity Health made big gains in revenue and net surplus in its first quarter because of newly-acquired hospitals in Connecticut and better investment performance.
The Livonia, Mich.-based system posted net income of $467.5 million on revenue of $4.3 billion for its first quarter ended Sept. 30. That compared to a loss of $287.2 million on revenue of $3.8 million in the year-earlier quarter.
Trinity posted an investment gain of $278.4 million in the quarter compared with a loss of $366.7 million in the same quarter last year.
But three Connecticut hospital systems picked up in the past year produced new revenue of $299 million and combined operating income of $55.3 million. That allowed Trinity to post only a modest dip in operating income in the quarter.
In the quarter, Trinity's operating income fell to $43.3 million compared with $48.3 million in the year-earlier quarter.
The $299 million in new revenue represented about 8% of the total 13% systemwide revenue gain posted by Trinity.
St. Francis Care in Hartford, which was renamed Trinity Health New England after it was acquired in October 2015, contributed $232 million in revenue in the first quarter and operating income of $56.1 million.
Saint Mary's Health System in Waterbury, which was acquired in August, pitched in $51.6 million in revenue and suffered an operating loss of $100,000.
Johnson Memorial Medical Center, a January acquisition, posted an operating loss of $700,000 on revenue of $17.1 million.