Oakland, Calif.-based Kaiser Permanente reported higher revenue for its nonprofit hospital and health plan units in the first nine months of this year, but the system ended the period with lower net income.
Here are four things to know:
1. Kaiser’s operating revenue climbed to $59.7 billion in the first nine months of 2018, according to recently released bondholder documents. That’s up 9.6 percent from revenue of $54.5 billion in the same period of 2017.
2. Kaiser’s health plan membership increased from 11.8 million members in December 2017 to 12.2 million members as of Sept. 30, 2018.
3. During the first nine months of this year, Kaiser’s operating expenses totaled $57.7 billion. That’s up from $52.2 billion in the first nine months of 2017. In the third quarter of 2018 alone, Kaiser’s expenditures included capital spending of $760 million, which includes investments in upgrading and opening new facilities, as well as in technology.
4. Kaiser ended the first nine months of 2018 with net income of $2.9 billion, down 23 percent from net income of $3.8 billion in the same period of 2017.