After posting an operating deficit of $67 million last year, Main Line Health rebounded into profitability in fiscal 2021, writes John George for the Philadelphia Business Journal.
The health system that includes Lankenau Medical Center, Bryn Mawr Hospital, Paoli Hospital, and Riddle Hospital in addition to Bryn Mawr Rehab Hospital reported an operating profit of $41.9 million for the year ended June 30.
According to Michael Buongiorno, executive vice president and CFO at Main Line Health, two factors were responsible for the financial turnaround.
The first is the increase in the number of patients at the system’s hospitals and physician practices as well as the home care division. This accounted for revenue growth of $182 million.
The second factor is the $27 million increase in provider relief funds Main Line Health received through the CARES Act from the U.S. Department of Health and Human Services.
This brought the total the health system received in fiscal 2021 through the CARES Act to $78.7 million, up from $51.8 million the previous fiscal year.
Main Line Health’s net revenue went up by 11.5 percent to $1.84 billion in fiscal 2021.
Read more about Main Line Health rebounding after the deficit in the Philadelphia Business Journal.