Vancouver, Wash.-based PeaceHealth reported operating income before interest, taxes, depreciation and amortization of $229.4 million in fiscal year 2017, up 43.4 percent compared to $160 million the year prior.
The 10-hospital system attributed the improved results to a year-over-year $47.1 million decrease in nonrecurring costs associated with its implementation of Epic’s EHR software. PeaceHealth’s acute and ambulatory facilities completed the CareConnect EHR project as of the fiscal year ended June 30, according to recent financial filings.
While PeaceHealth saw expenses rise to $2.4 billion in fiscal year 2017, up from $2.37 billion the year prior, revenues also increased. The nonprofit health system saw revenues grow to $2.5 billion in fiscal year 2017, up from $2.4 billion in fiscal year 2016. The increase reflected a year-over-year increase in patient service revenues and admissions.
PeaceHealth ended fiscal year 2017 with net income of $315.1 million compared to a net loss of $68.3 million the year prior.