Indiana University Health saw its annual net income surpass $1 billion in 2019, thanks to investments, according to the Indianapolis-based system's annual report.
The 16-hospital system saw its net income more than triple from $296 million in 2018. System officials reported that operating income rose 11% last year to $679 million. Operating revenue grew 4% last year to $6.7 billion. They also were able to reduce the cost of care, and see patient harm events fall 54% since 2017.
Expenses rose to $6 billion, an increase from $5.8 billion in 2018.
"As a result of our strong 2019 outcomes, IU Health is better prepared to react to the uncertainties in healthcare, including the unprecedented circumstances surrounding the COVID-19 outbreak," said President and CEO Dennis Murphy. "IU Health has always served as a resource to respond to the state's most acute clinical problems as well as local care needs, and we will continue to serve this unique role at this time of crisis."
IU touted several capital investments, including a new regional academic health center in Bloomington and a new maternity unit at Riley Hospital for Children at IU Health in Indianapolis.