Indiana University Health said earnings from operations rose 4 percent last year, but total earnings fell 70 percent due to investment losses “in a year of turbulent financial markets.”
The state’s largest health system, with 16 hospitals, released year-end results Thursday afternoon. Earnings from operations came in at $612 million, but total earnings were $296 million, down from $989 million in 2017.
Despite the investment losses, IU Health said operations were strong overall, with patient volumes increasing in most categories, including surgeries and inpatient admissions.
The system reported revenue from operations of $6.43 billion, up 1.4 percent. Operating expenses climbed 1.1 percent, to $5.82 billion.
IU Health said 2018 was busy year for capital construction, with seven major projects under way. That included moving maternity services from Methodist Hospital to Riley Hospital for Children, building a brand-new replacement hospital in Bloomington, creating a cancer center at North Hospital in Carmel, and expanding and renovating West and Ball Memorial hospitals.
The health system said it is continuing with design and preparatory work as it prepares to overhaul its huge downtown campus, but did not release any specifics. The project, estimated at $1 billion, was announced about three years ago.
IU Health has about 34,000 employees at its network of hospitals, clinics and administrative offices.