Fourth-quarter 2020 financial results

This chart will be updated regularly as health systems, insurers and technology companies post their fourth-quarter earnings.


Health systems

Trinity Health | Livonia, Mich.
Added: 2021-03-05

THE NUMBERS

AmountChange
Total operating revenue$10.3 billion5.9%
Total operating expenses$9.6 billion-0.4%
Operating income$710.6 million593%
Operating margin6.9%Up 5.9 percentage points
Discharges254,000-9.6%

TAKEAWAY
Trinity Health received $1.3 billion in federal stimulus grants through the end of 2020, $534.2 million of which was recognized as revenue in the back half of the year.


UPMC | Pittsburgh, Penn.
Added: 2021-02-26

THE NUMBERS

AmountChange
Total operating revenue$23.1 billion 12.1%
Total operating expenses$22.3 billion8.1%
Operating income$836250%
Operating margin3.6%200%
Dischargesn/an/a

TAKEAWAY
Volumes at UPMC largely rebounded to pre-pandemic levels in the second half of 2020, propelling it to an $836 million operating income.

Click here for extended coverage on third-quarter 2020 financial results for UPMC


Mayo Clinic | Rochester, Minn.
Added: 2021-02-26

THE NUMBERS

AmountChange
Total operating revenue$13.9 billion 1.5%
Total operating expenses$13.2 billion3.3%
Operating income$728 million -23.5%
Operating marginn/an/a
Dischargesn/an/a

TAKEAWAY
Even though Mayo saw its profit shrink by nearly a quarter in 2020, it still returned half of its $338 million in CARES Act grants.


Froedtert Health | Milwaukee, Wisc.
Results are for the 6 months ended Dec. 31, 2020
Added: 2021-02-22

THE NUMBERS

AmountChange
Total operating revenue$1.6 billion12.8%
Total operating expenses$1.4 billion9.6%
Operating income$116.4 million76%
Operating margin7.5%up 2.7 percentage points
Admissions24,9001.8%

TAKEAWAY
Froedtert Health said its leadership developed a coordinated recovery plan during the COVID-19 pandemic that resulted in admissions in the latter half of 2020 that were 102% of the prior-year period. Hospital outpatient visits and clinic visits were nearing pre-COVID levels, at 99.4% and 97%, respectively. Wisconsin's COVID cases peaked in November 2020 and have been declining since then.


CommonSpirit Health | Chicago
Added: 2021-02-22

THE NUMBERS

AmountChange
Total operating revenue$8.3 billion11%
Total operating expenses$7.9 billion6.7%
Operating income$363 million807.5%
Operating margin4.4%Up 3.9 percentage points
Admissions197,674-5.1%

TAKEAWAY
CommonSpirit Health's improved financial performance in the final quarter of 2020 was due in part to having recognized $293 million in federal coronavirus stimulus grants during the three months ended Dec. 31, 2020. The health system has received $1.4 billion in grants under the Coronavirus Aid, Relief and Economic Security Act.


Community Health Systems | Franklin, Tenn.
Added: 2021-02-22

THE NUMBERS

AmountChange
Operating revenue$3.1 billion-5.1%
Total operating expenses$2.7 billion-14%
Operating income$435 million165.2%
Operating margin13.9%Up 8.9 percentage points
Admissions116,450-12.9%

TAKEAWAY
Community Health Systems completed its multi-year effort to divest hospitals in 2020, which appears to have bolstered its bottom line. The company said in November it netted $1.5 billion in proceeds from the sales, putting it ahead of its $1.3 billion goal.

Click here for extended coverage on third-quarter 2020 financial results for Community Health Systems


HCA Healthcare | Nashville, Tenn.
Added: 2021-02-22

THE NUMBERS

AmountChange
Revenue$14.3 billion5.7%
Expenses$12.2 billion2.6%
Operating income$2.1 billion29%
Operating margin14.5%up 2.6 percentage points
Admissions521,917-3.4%

TAKEAWAY
HCA Healthcare said sicker patients, many of them battling COVID-19, and a higher proportion of commercially-insured patients contributed to the company's higher profit in the final quarter of 2020. HCA drew $1.4 billion in net income to shareholders in the quarter ended Dec. 31, 2020, up 33% over the prior-year period. That's without having recorded any federal coronavirus relief grants, as the company returned all $1.6 billion in grants it received.

Click here for extended coverage on third-quarter 2020 financial results for HCA Healthcare


Ascension | St. Louis, Mo.
Added: 2021-02-22

THE NUMBERS

AmountChange
Total operating revenue$7.3 billion10.20%
Total operating expenses$6.7 billion3%
Operating income$652.4 million506.40%
Operating margin8.90%Up 7.3 percentage points
Excess of revenue over expenses attributable to Ascension$2.6 billion155.60%

TAKEAWAY
Ascension recognized $779.2 million in federal coronavirus relief grants in the six months ended Dec. 31, 2020. It also received about $2 billion in advanced Medicare payments, which has to be repaid.


Allina Health | Minneapolis, Minn.
Added: 2021-02-12

THE NUMBERS

AmountChange
Total revenue$1.2 billion2.4%
Total expenses$1.1 billion3.5%
Operating income$64.7 million-13.8%
Operating margin5.3%Down 1 percentage point
Inpatient hospital admissions, full-year 91,583-12.8%

TAKEAWAY
Not-for-profit Allina Health said its volumes declined dramatically during Minnesota's mandatory elective services shutdown in April 2020, but returned closer to normal levels by the end of the year. Year-over-year inpatient admissions were down 12.8% in 2020, and inpatient surgeries declined by 16.7%. Outpatient surgeries were down 24% year-over-year.


Tenet Healthcare Corp. | Dallas, Texas
Added: 2021-02-12

THE NUMBERS

AmountChange
Total operating revenue$4.9 billion2.3%
Total operating expenses$4.5 billion2.2%
Operating income$920 million103%
Operating margin18.7%Up 9.3 percentage points
Net income to shareholders$414 millionUp by $417 million

TAKEAWAY
Tenet Healthcare Corp. announced it is pushing back the spin-off of its revenue-cycle subsidiary, Conifer Health Solutions, by a year. The change is due in part to delays related to the COVID-19 pandemic.

Click here for extended coverage on third-quarter 2020 financial results for Tenet Healthcare Corp.


Mass General Brigham | Boston, Mass.
Added: 2021-02-12

THE NUMBERS

AmountChange
Total operating revenue$3.8 billion6.8%
Total operating expenses$3.7 billion4.5%
Operating income$129.6 million185%
Operating margin3.4%Up 2.1 percentage points
Inpatient discharges40,379-6.9%

TAKEAWAY
Mass General Brigham's improved position in the quarter ended Dec. 31, 2020 was entirely in its provider division. Its insurance division lost money on operations in the quarter because of higher medical claims costs that outpaced premium revenue.

Click here for extended coverage on third-quarter 2020 financial results for Mass General Brigham



Insurers

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Added: 2021-01-19

THE NUMBERS

AmountChange
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Operating expensestest
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Medical-loss ratiowraddgsa

TAKEAWAY
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Click here for extended coverage on third-quarter 2020 financial results for test for insure



Technology companies

Teladoc Health | Purchase, N.Y.
Added: 2021-02-25

THE NUMBERS

AmountChange
Revenue$383.3 million145%
Subscription access fees revenue$316 million148.8%
Visit fees revenue$53.3 million80.5%
Net income-$394 millionDown from -$19 million
Total visits3 million138.5%

TAKEAWAY
Teladoc posted $1.1 billion in full-year 2020 revenue, nearly double its 2019 revenue of $553.3 million. The company expects to continue the trend, projecting full-year 2021 revenue to be in the range of $1.95 billion to $2 billion, Teladoc's CEO Jason Gorevic said on a call with investment analysts Feb. 24. The 3 million total visits for 2020's fourth quarter does not include situations in which a clinician from a provider client uses Teladoc's software to connect with a patient; it only includes visits connecting a patient with Teladoc's network of providers.

Click here for extended coverage on third-quarter 2020 financial results for Teladoc Health


Allscripts Healthcare Solutions | Chicago
Added: 2021-02-25

THE NUMBERS

AmountChange
Revenue$386.4 million-6.7%
Software delivery, support and maintenance revenue$241.3 million-3%
Client services revenue$145.1 million-12.3%
Operating income-$68.1 millionDown from -$55.1 million
Bookings$220 million-29.5%

TAKEAWAY
The data, analytics and care coordination segment was an area of growth for Allscripts in the fourth quarter, with the company reporting revenue up 5.8% to $74.3 million, albeit down 0.9% for the full-year at $261.3 million. The segment includes the company's payer and life sciences data business, Veradigm, which sells de-identified patient data and analytics tools. Allscripts posted $1.5 billion in total full-year 2020 revenue, down 8% year-over-year, and an operating loss of $130.9 million for 2020, compared to a $99.6 million operating loss in 2019.


R1 RCM | Chicago
Added: 2021-02-18

THE NUMBERS

AmountChange
Revenue$328.4 million4.6%
Net operating fee revenue$271.4 million -1.9%
Incentive fee revenue$27.4 million91.6%
Operating income$11.9 million-16.8%
Net income$78.6 million907.7%

TAKEAWAY
R1 RCM, a revenue cycle management company, in mid-2020 kicked off a corporate cost-saving effort that had originally been planned for late 2020 and early 2021, which included closing 12 company locations that represented 25% of its U.S. real-estate portfolio, said Joe Flanagan, R1’s president and CEO, on a call with investment analysts Thursday. In 2020, R1 doubled the number of manual tasks automate through its tools, and plans to continue developing such tools using technologies like robotic process automation, natural language processing and machine learning, he said. The company posted $1.3 million in full-year 2020 revenue, up 7.1%, and $80 million in 2020 operating income, up 38.6%.


Cerner Corp. | Kansas City, Mo.
Added: 2021-02-11

THE NUMBERS

AmountChange
Revenue$1.4 billion-3.3%
Professional services revenue$478.1 million-6.1%
Managed services revenue$317.1 million2.5%
Adjusted operating margin21.5%Up from 20.3%
Bookings$1.7 billion1.1%

TAKEAWAY
Cerner executives attributed the company's 3.3% year-over-year dip in quarterly revenue to recent divestitures, as well as the impact of the COVID-19 pandemic. For full-year 2020, Cerner reported $5.5 billion in revenue, also down 3.3% year-over-year, but the company posted $780.1 million in 2020 net earnings, up 47.3%, and $914.6 million in 2020 operating income, up 52.3%. Two of the company's core focuses in 2021 will be growing its "data-as-a-service" business and its federal business.

Click here for extended coverage on third-quarter 2020 financial results for Cerner Corp.


NextGen Healthcare | Irvine, Calif.
Added: 2021-01-27

THE NUMBERS

AmountChange
Revenue$141.8 million2.9%
Subscription, maintenance and other recurring revenue$128.2 million2.8%
Software, hardware and other nonrecurring revenue$13.5 million4.3%
Operating income$932,000-71.6%
Net income$464,000-89.5%

TAKEAWAY
Recurring revenue accounted for 90.5% of NextGen's revenue in its fiscal 2021 third quarter, which ended Dec. 31. Growth in the ambulatory EHR and revenue cycle management software company's subscription services revenue and managed services revenue, 14% and 2% year-over-year, respectively, was offset by a 5% decline in maintenance and support revenue, said Jamie Arnold, NextGen's CFO, on a call with investment analysts. NextGen does not break out earnings for those categories, but CEO Rusty Frantz on the call said subscription services is now the company's largest revenue stream. NextGen's operating expenses grew $4.2 million compared to the same period last year, chiefly driven by increases in selling, general and administrative expenses that Arnold attributed to legal and personnel costs.



Notes

Change is from the same quarter a year ago