The Chicago-based health system saw adjusted admissions rise 2.3% year-over-year.
CommonSpirit Health released its Q1 2020 earnings report Monday, highlighted by $7.1 billion in revenues and a net loss of $227 million.
The Chicago–based health system said its latest financials do not account for the California provider fee income, which will both increase its revenues by 4.7% and reduce its net loss to $119 million. CommonSpirit's EBITDA will rise from $246 million to $354 million with the incorporation of the California provider fee net income.
Additionally, the provider saw adjusted admissions rise 2.3% year-over-year while its gross outpatient revenues as a percentage of its total gross patient services revenue grew 1.1% year-over-year.
“We are encouraged by the growth of revenue and volumes as we expand our services, and we remain focused on achieving significant savings and growth as we build our organization in this challenging environment for health care,” Daniel Morissette, CFO of CommonSpirit, said in a statement.
CommonSpirit formed earlier this year as a result of the megamerger between Dignity Health and Catholic Health Initiatives.
Last month, CommonSpirit produced its year-end financials, marked by a nearly $600 million operating loss and total operating revenues of $28.8 billion, a decline from 2018.
Still, Morisette told HealthLeaders that the company remained optimistic about its future, citing its plan to embark on a $2 billion performance improvement plan that will bolster its EBITDA by 8% within the next four years.
On the positive side, CommonSpirit's total operating expenses in Q1 were $7.4 billion, a decrease of $269 million year-over-year.
Jack O'Brien is the finance editor at HealthLeaders, a Simplify Compliance brand.