According to a company press release, without CARES Act funding, the organization would have reported an EBITDA margin of 6% and an operating loss of $25 million.
CommonSpirit Health recorded an operating gain of $167 million during Q1 2021, according to the company's latest earnings report released Friday afternoon.
CommonSpirit reported revenues of $7.72 billion, up more than $300 million year-over-year, as well as an EBITDA of $642 million.
According to a company press release, without Coronavirus Aid, Relief, and Economic Security (CARES) Act funding, the organization would have reported an EBITDA margin of 6% and an operating loss of $25 million.
The Chicago-based health system stated that the most recent financials indicate that the organization displayed "strong financial progress and success scaling operational efficiencies" in the face of pressures related to the ongoing COVID-19 crisis.
The system reported that its COVID-19 case count has increased more than 50% since October but remains below its mid-August peak.
"Despite the significant headwinds created by the pandemic, we have taken huge strides with our financial and operational performance," Dan Morissette, CFO of CommonSpirit, said in a statement. "While we will undoubtedly continue to face challenges in the months ahead, we have taken meaningful steps to improve our performance, manage our expenses, and meet the health needs of our patients and communities across the country."
Regarding patient volumes, CommonSpirit's inpatient admissions on a same-store basis were down 6.4% year-over-year.
Additionally, the organization announced that it received "strong demand" for $2.3 billion in bonds that were priced late last month, including more than $8.4 billion in orders.
The system's financials were released over a month after CommonSpirit announced that it recorded an operating loss of $550 million for fiscal year 2020.
Jack O'Brien is the Content Team Lead and Finance Editor at HealthLeaders, an HCPro brand.