Advocate Aurora's internet revenue, income bounce again in Q2
Though a lot of its $739 million second-quarter internet revenue got here from its investments, Advocate Aurora Well being additionally noticed constant good points throughout its working revenue, general income and working margins.
“Because the vaccination charges have elevated and different mitigation methods to include the virus together with remediation efforts which have taken impact in 2021, operations have improved within the six months ended June 30, 2021,” the system wrote in monetary filings printed Friday.
The Illinois- and Wisconsin-based system posted practically $3.5 billion in whole income versus $2.9 billion in the course of the earlier 12 months and $3.3 billion throughout 2021’s opening quarter.
Advocate Aurora additionally logged $214 million in working revenue in the course of the quarter versus a lack of greater than $217 million throughout the identical interval final 12 months.
Whole bills grew 12 months over 12 months from $3.1 billion to $3.25 billion, with the distinction primarily tied to provides, purchases providers and contracted medical providers.
The numbers translated to a 6.5% working margin for the second quarter, a stark turnaround from the unfavorable 6.8% of the earlier 12 months and a good enchancment over the primary quarter’s 2% margin. This put the system at a six-month working margin of 4.3% versus final 12 months’s unfavorable working margin of 4.1%.
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Whole nonoperating revenue for the quarter got here in at $546 million, largely pushed by $572 million from funding revenue. These had been down from final 12 months’s $628 million and $645 million, respectively.
Utilization tendencies in the course of the three-month interval noticed year-over-year will increase for hospital outpatient visits (4.7%), dwelling care visits (11%), remark circumstances (4.7%) and doctor visits (0.2%), whereas discharges had been down 5% in comparison with final 12 months. Nevertheless, utilization was up throughout the board when wanting on the first six months of 2021 and 2020.
Advocate Aurora stated it hasn’t acquired any COVID-19 aid funding all through the course of 2021, nor did it obtain any advance funds for Medicare providers. The Facilities for Medicare & Medicaid Companies recouped roughly $70 million upfront funds up to now this 12 months, with $215 million nonetheless remaining on Advocate Aurora’s books.
The system additionally put a $187 million price ticket on its April 1 acquisition of Senior Helpers, an in-home care firm with greater than 320 franchised and corporate-owned places within the U.S. and overseas.
Advocate Aurora runs 26 hospitals and greater than 500 outpatient places. It posted $558 million in full-year earnings for 2020—lower than half of the $1.4 billion it had claimed throughout 2019. The system stated it has 340 days of money available as of June 30.
