Advocate Aurora posts $914M loss in first half of 2020

Advocate Aurora posted an operating loss of $217 million in the 2nd quarter of this year, compared to operating earnings of $132.3 million in the very same duration a year previously. For the very first six months of this year, the health systems operating loss amounted to $302.7 million..

Advocate Aurora Health saw income decrease year over year in the very first half of this year, and it ended the duration with an operating loss, according to recently released unaudited monetary documents.

Supporter Aurora Health, which was formed in 2018 and has double head office in Downers Grove, Ill., and Milwaukee, reported income of $2.9 billion in the second quarter of 2020, below $3.2 billion in the exact same period a year earlier. Client service earnings decreased 23 percent year over year, while capitation earnings dropped 11 percent..

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To assist offset monetary damage connected to the COVID-19 pandemic, the health system received $362 million in grants in the first 6 months of this year made available through the Coronavirus Aid, Relief and Economic Security Act.

After considering nonoperating products, the health system reported net income of $407.9 million in the second quarter and a bottom line of $914.4 million in the very first half of this year..

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The bottom line for the very first 6 months of 2020 was due to a boost in expenses and a nonoperating loss of nearly $600 million, which was mostly due to investment losses. In the very first half of 2019, the system reported nonoperating income of $782.6 million..

” These actions have actually served to reduce revenues from non-COVID-19 clients while driving up costs to prepare for and take care of COVID-19 clients with very little extra profits from these patients,” Advocate Aurora stated. “While operating results have improved due to the restart of elective treatments and clinic gos to, the system continues to be impacted by COVID-19.”.

Taking a look at the first six months of this year, the health systems earnings was down 3.4 percent year over year..

Supporter Aurora said it began delaying or canceling elective procedures on March 17 due to the COVID-19 pandemic, and the general public curtailed visits to doctors, centers and emergency situation spaces for worry of contracting the virus..