Banner Health generated $4.7 billion in the first half of the year as the hospital system tried to blunt the impact of COVID-19.
The 28-hospital system reported Friday that it generated $4.7 billion in the first half of the year compared with $4.6 billion in the same period in 2019.
But the system’s expenses grew to $4.6 billion compared with $4.5 billion the year before as the system faced new costs for supplies.
Overall, Banner Health generated $109 million in operating income in the first half, slightly down from the $111,802 in the first half of 2019.
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Banner has been hit hard by investment losses in the first half. The system, which has a large footprint in COVID-19 hot spot Arizona, posted a $216,160 loss on investments after generating $411,835 in the first half of 2019.
The system also reported $3.4 billion in net patient revenue, a decline from $3.5 billion in the same period.
Like other major hospital systems, Banner Health got money from a $175 billion provider relief fund passed by Congress as part of the CARES Act.
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Banner Health said it got $307 million in stimulus funding to cover lost revenue or unreimbursed care from the relief funding.
About $210 million of that funding was counted as operating revenue for the first six months of the year.
Banner also got $609 million out of the Medicare Advance and Accelerated Payment program, but that funding is a loan Banner must pay back.