KFH/HP reports total operating revenue of $14 billion for second quarter 2014

Published on August 8, 2014 at 10:58 PM · No Comments

Kaiser Foundation Hospitals, Kaiser Foundation Health Plan, Inc., and their respective subsidiaries (KFH/HP) reported today a combined total operating revenue of $14.0 billion for the quarter ending June 30, 2014, compared to $13.3 billion in the same period in 2013. Operating income was $653 million in the second quarter of 2014, compared to $614 million in the same quarter last year. Net non-operating income was $348 million in the second quarter of 2014, compared to net non-operating income of $144 million in the same quarter of 2013. As a result, net income for the second quarter was $1.0 billion, versus $0.8 billion in the same period of 2013. Capital spending in the second quarter of 2014 was $614 million, compared to $769 million in the same quarter in 2013.

Kaiser Permanente membership has grown by 386,600 members since Dec. 31, 2013, totaling approximately 9.5 million members as of June 30, 2014.

For the six months that ended June 30, 2014, total operating revenue was $27.9 billion, compared to $26.4 billion for the same period in 2013. Year-to-date operating income was $1.5 billion, compared to $1.2 billion for the same period in 2013. Net non-operating income was $672 million in the first six months of this year, compared to $363 million in the same period last year. Year-to-date net income was $2.1 billion, compared to $1.5 billion for the same period in 2013.

Year-to-date capital spending was $1.4 billion, compared to $1.5 billion in the same period last year. KFH/HP's capital spending reflects our continued investments in upgrading technology and facilities to support our members' needs and deliver high-quality care. This includes the cost of upgrading hospitals to comply with California earthquake standards, including the Kaiser Permanente San Leandro Medical Center, which opened on June 3, and Oakland Medical Center, which opened on July 1.

"We are continuing to improve our quality, service and efficiency, and also making significant progress in our efforts to make health care more affordable to more Americans," said Chairman and CEO Bernard J. Tyson. "As a result of this work, we are lowering our cost trends and are gaining more confidence that we will deliver more affordable – and sustainable – pricing for our members, customers and consumers in 2015 and beyond."

"Our financial performance demonstrates that we continue to make progress in our efforts to gain efficiencies and effectiveness, while increasing our focus on providing high-quality care to our members and customers," said Kathy Lancaster, executive vice president and chief financial officer. "Our performance is allowing us to begin providing more affordable rates, as we continue to make investments in care-delivery programs, facilities and technology to support our members, patients and the communities we serve."

Source:

Kaiser Permanente

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