Baptist Health reports profitability spike, ASC acquisition in Q1 — 4 key details

Baptist Health South Florida reported swelling profits for the first quarter of 2019, with its $1.73 million surgery center acquisition playing a role, the South Florida Business Journal reports.

Four key details:

1. In March, the Miami-based nonprofit health system acquired controlling interest of 26 percent in a West Palm Beach, Fla.-based ASC.

2. The health system's profitability increased significantly in the first quarter, driven by higher income from operations and growth in investment income.

3. Net income reached $224 million, a major year-over-year increase from $14.2 million. Revenue from operations increased 13 percent to $844.8 million, and operating income was $35.8 million for the quarter, up from a loss of $4.8 million in the first quarter of 2018.

4. In the same county as the single-specialty ASC it acquired, Baptist owns Bethesda Health in Boynton Beach, Fla., and plans to close a merger with Boca Raton (Fla.) Regional Hospital in June.

More articles on transactions/valuation:
3 ASC market insights — Multispecialty facilities, hospital-based centers & more
The 3 key data points ASCs should track
Joint venture ASCs, compromised patient information & more: 5 must-reads for ASC leaders 

© Copyright ASC COMMUNICATIONS 2019. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.

 

Top 40 Articles from the Past 6 Months