Catholic Health Initiatives on Tuesday said it saw an operating surplus of $420 million in the second quarter of its fiscal 2015 as acquisitions added more than $400 million to the nonprofit hospital operator’s bottom line.
CHI had lost $125 million in its fiscal first quarter.
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According to the provider, operating revenue was $4.3 billion in the second quarter compared to $3.5 billion in the prior period.
CHI touted its restructuring since the purchase of the Sylvania Franciscan Health system in Toledo, Ohio, and the St. Alexius health system in Bismarck, North Dakota for helping boost its financial and strengthen its business.
“Both acquisitions represent significant growth in regional markets and are an integral part of CHI’s strategy to create strong, clinically integrated networks across its national enterprise,” the provider said in its earnings statement.
CHI said the 306-bed St. Alexius acts as a hub for the providers network of critical access hospitals in North Dakota, Minnesota.
“The financial improvement in the second quarter is a big step in the right direction, but we still have a lot of work ahead to ensure that the positive financial results are sustainable well into the future,” CFO Dean Swindle said in a statement.