The Clearwater, Florida-based health system released its year-end financials late last week.
BayCare Health Systems Inc. reported increases to its total operating revenues and a significant decline in net income in its year-end 2018 earnings report released last week.
The Clearwater, Florida-based nonprofit system achieved nearly $4.16 billion in total revenues, up from $3.9 billion at the end of 2017, along with $344 million in total operating income, an increase of nearly $2 million year-over-year.
However, the system's net income dropped by nearly $600 million in one year, falling from $803 million in 2017 to $216 million in 2018.
Still, the results marked a moderately successful year for BayCare, which ended 2018 with $5.7 billion in net assets, up more than $200 million compared to the end of 2017.
Related: Rival Challenges BayCare Bid for New Wesley Chapel Hospital
BayCare saw its increase in net assets fall from $825 million in 2017 to $214 million in 2018, though net cash provided by operating activities totalled $719 million, up $87 million year-over-year.
Total liabilities rose slightly, up $20 million year-over-year, but total assets increased from $7.8 billion to nearly $8.1 billion during the same period of time.
BayCare also partnered with Lumeris to launch its own Medicare Advantage (MA) plan, BayCare Plus, which went live in January.
The Tampa Bay MA market is one of the most competitive in the country but Jim Beermann, president of BayCare Select Health Plans told HealthLeaders last year that the move was a sound business decision.
Related: Under M&A Pressure, BayCare Launches Medicare Advantage Plan
Jack O'Brien is the Content Team Lead and Finance Editor at HealthLeaders, an HCPro brand.
Photo credit: Clearwater Beach, Florida. October 18, 2018 People relaxing at the beach on colorful sunset background. - Image / Editorial credit: VIAVAL / Shutterstock.com
KEY TAKEAWAYS
The Clearwater, Florida-based nonprofit system achieved nearly $4.16 billion in total revenues, up from $3.9 billion at the end of 2017
Net income dropped by nearly $600 million in one year, falling from $803 million in 2017 to $216 million in 2018.
Total liabilities rose slightly, up $20 million year-over-year, but total assets increased from $7.8 billion to nearly $8.1 billion during the same period of time.