AdventHealth is refocusing on its core operations.
The system sold 10 skilled nursing facilities this year: one in Texas and one Kansas in March, each to CareTrust REIT, and eight in Florida in June to Infinite Care for a combined $161.17 million, according to financial documents released Monday.
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AdventHealth, based in Altamonte Springs, Florida, is one of many health systems to recently divest long-term care and skilled nursing businesses in an effort to streamline operations and cut costs. The facilities, which are often saddled with high debt levels, can be a hard sell and in some cases mean systems are taking a loss on the ventures.
"The significant growth, investment and scale required to operate skilled nursing facilities in a competitive environment, combined with our relatively small footprint of these facilities, led us to explore other ownership models," AdventHealth said in a statement earlier this year.
On Monday, AdventHealth reported net income of $305.12 million in the second quarter, compared with a $604.22 million loss a year ago—a swing largely driven by improved investment returns. Quarterly revenue rose 11.4% to $4.18 billion and expenses increased 3.9% to $3.9 billion.
Chicago-based CommonSpirit Health paid AdventHealth $46.33 million on Aug. 1 for its membership interest in Centura Health, a now-disbanded joint venture that operated facilities in Colorado and Kansas. The payment did not affect second-quarter earnings results.
