Livonia, Mich.-based Trinity Health ended the first quarter of fiscal year 2018 with operating income of $80 million, nearly double the operating income of $43.3 million the 93-hospital health system recorded in the same period of the year prior, according to recently released bondholder documents.
Trinity Health said revenues increased 2.9 percent year over year to $4.4 billion in the first quarter of fiscal year 2018. The revenue growth was largely attributable to higher patient volumes and payment rates. Trinity Health said patient volume increased year over year in 11 of its 20 regional markets.
After factoring in expenses, which increased 2.1 percent year over year, as well as losses on interest rate swaps and lower investment income, Trinity ended the first quarter of fiscal year 2018 with net income of $399 million. That’s compared to the first quarter of fiscal year 2017, when the health system posted net income of $467.5 million.