Atrium Health posted a $18 million loss of operating revenue for the first quarter due to higher operating expenses.
But the 42-hospital system did post net operating revenue of $1.9 billion for the first quarter, slightly above the $1.98 billion that it budgeted, according to an earnings report released during the system’s board meeting Tuesday.
Atrium budgeted $1.9 billion for expenses but posted $2.01 billion for the quarter.
It is the latest hospital system to fight higher expenses due to COVID-19, as hospitals must face greater costs for equipment, drugs and staff to fight the virus.
Atrium also reported that it invested $154 million, or 7.7%, of its net operating revenue to help with several capital improvements such as facility upgrades and upgrades to its information systems, the report said.
Hospital systems have posted mixed results for the first-quarter earnings. Systems such as HCA, Tenet and Kaiser Permanente reported earnings boosts as higher acuity patients helped make up for revenue shortfalls from lower patient volumes due to the pandemic.