Net Income at Adventist HealthCare More Than Doubles in First Half of 2017
August 29, 2017: An August 17 article in Becker’s Hospital Review reported that the net income for Gaithersburg, Maryland-based Adventist HealthCare was more than double of what it had been in the same period a year ago.
The Adventist nonprofit health system
reported net income of $11.2 million for the first six months of fiscal year 2017. The corresponding figure for last year was $5.1 million.
A spokesperson said that the dramatic income increase was due to the sale of Hackettstown (N.J.) Regional Medical Center to Morristown, N.J.-based Atlantic Health System.
Year-to-date revenue at the system was down year-over-year from $414.3 million to $396.8 million. Expenses were also down from $405.5 million in the first six months of 2016 to $389.1 million in the same period this year. The system said that HRMC’s removal explained both declines.
Operating income was down at Adventist HealthCare. The system reported $7.6 million in the first half of this year while the same period last year yielded $8.8 million. Labor expense increases were the reported reason for the decline.
Some in the Adventist community have complained that the use of revenue from Adventist hospitals is skewed toward enriching hospital administrators.
Adventist Today published an analysis of the pay for our non-profit hospital executives in our 2013 spring issue.