Emory/St. Joseph's reduced its operating loss in fiscal 2015 as patient volume increased and the Atlanta-based system managed to cut its expenses.
The system is a joint operating company between 51% majority-owner Emory Healthcare and St. Joseph's Health System, part of Trinity Health. It includes Emory St. Joseph's Hospital, Emory Johns Creek (Ga.) Hospital and other assets.
Emory attributed last year's $32.2 million operating loss primarily to Emory St. Joseph's Hospital and Emory Specialty Associates.
After last year's loss, the system said it had put in place a number of cost-cutting and revenue-building initiatives. Those plans appeared to pay off in fiscal 2015, which ended Aug. 31, as its loss .
Total revenue, meanwhile, increased 4.9% to $474.1 million after accounting for deductions. Emory Healthcare, which has five hospitals in total, also reports revenue through Emory University's financial statements.
Admissions increased 8% but the average length of stay declined slightly to 4.6 days, down from last year's 4.7.
Emory/St. Joseph's also cut its expenses by 2% year over year. Notably, the system reported nearly flat salary and benefit expenses at a time when most systems are reporting large increases in compensation costs. Like its peers, it did see a rise in supply costs—though, at 3.9%, the increase was smaller than what many others have been facing.
Emory Healthcare earlier this year had explored a merger with Marietta, Ga.-based WellStar Health System that would have broadened its footprint in the greater Atlanta region. But WellStar broke off talks in June, saying the plans didn't fit with its “new strategic direction.”