Erlanger Health System capped off a rollercoaster fiscal year with about $35.3 million net income from operations, after receiving $55.9 million in federal stimulus funds meant to offset costs of the COVID-19 pandemic.
Erlanger's financial status was revealed during the hospital board's budget and finance committee meeting Monday evening. A report from independent auditors found that without the stimulus funds, Erlanger was operating at a $19.9 million loss compared to a budgeted operating income of $13.2 million.
At this time last year, Erlanger ended fiscal year 2019 with a $4.4 million loss and the first quarter of fiscal 2020 with a $4.5 million loss.
Net patient revenue for the health system fell from $1.05 billion in fiscal year 2019 to $993.6 million in fiscal year 2020 due to fewer people seeking medical care as a result of the pandemic and a temporary pause on elective procedures, which Erlanger Chief Financial Officer Britt Tabor called the "lifeblood" of the health system's revenue.