More patients sought care at Texas Health Resources facilities in the first quarter of 2015, one of the promising insights gleaned from its recent financial report that helped propel the Arlington-based system to year-over-year increases in revenue and net income.
During the first quarter, which ended on March 31, THR noted a total operating revenue of $978,385, up from $942,027 at this point in 2014—a 3.9 percent jump. Net income post-expenses is up more than 70 percent year over year, going from $61,038 to $104,205 in 2015. Its largest expense came from a 4.6 percent jump in salaries, wages, and employee benefits: $512,317 to $489,772.
“Our employees and the physicians who care for patients are committed to delivering greater value through accountability, innovation and reliability,” said CEO Barclay Berdan in an email. “This commitment combined with a relentless focus on managing operating expenses helped us increase net operating margin compared to last year.”
The financials came from an unaudited quarterly report, which the nonprofit health giant released this week. It shows that Texas Health’s decline in revenue and patient visits at its flagship hospital following the Ebola crisis did not have a lasting impact on the system. This is perhaps not surprising—in April, Moody’s Investor Services boosted the system’s bond rating from Aa3 to Aa2 and upgraded its outlook from “developing” to “stable.”
The service cited a “multi-year trend of strong operating performance and very good liquidity.” And while the numbers can certainly shift from quarter to quarter, Texas Health notched increases in utilization in every metric except for emergency room visits.
Patient days for inpatient services increased by nearly 6,000 year-over-year: 190,425 to 184,786. Inpatient discharges also increases to 39,486 from 38,270, and the average daily census was up by to 2,116 compared to 2,053. Outpatient visits, however, were flat, and this made up 40.7 percent of its service revenue compared 41.2 percent in the first fiscal of 2014.