The first full year of operation for Edward-Elmhurst Healthcare resulted in a strong financial performance for the system. In just-released audited financial statements for fiscal year (FY) 2014 (July 1, 2013 – June 30, 2014), Edward-Elmhurst Healthcare reported:
- Revenue of nearly $1.1 billion ($1,083,423,000), 9.7 percent higher than FY 2013
- Operating income of $3.9 million, a $22 million improvement over the previous year
- Net income, including revenue from investments, was $107.4 million, 52.8 percent higher than FY 2013
“We really saw Edward-Elmhurst Healthcare blossom in our first year and got a glimpse of our system’s potential,” noted Pam Davis, System CEO, in a written statement. “Our patient volumes were up significantly, and combined with efforts to control costs, we’re able to report solid financial results after just one year of working together.”
Other highlights
- 250 new physicians joined the Edward-Elmhurst Medical Staff, including new specialists in neurology, oncology, pediatrics, behavioral health, interventional radiology, surgery and more. Ninety of the new physicians at Elmhurst are from DuPage Medical Group.
- Expansion of Illinois Health Partners (IHP) to include the physicians of Northwest Community Healthcare, joining those affiliated with DuPage Medical Group and Edward-Elmhurst Healthcare. IHP is a network of more than 1,600 primary and specialty care physicians who, with IHP’s rapid growth, will care for more than 200,000 patients in the next year in the west, southwest and northwest suburbs of Chicago.
- Together, Edward and Elmhurst showed increases in the number of patients for outpatient surgery, +7 percent; inpatient surgery, +9 percent; Immediate Care, +4 percent and outpatient services, +4 percent.
- Elmhurst volumes surged, including inpatients, +5 percent; outpatient surgery, +11 percent; inpatient surgery, +12 percent and ER visits +5 percent.
- There were more than 100 internal pediatric, NICU, neuro and mental health transfers that kept patients in the system and improved the continuity of care.
- There was continued improvement on already-excellent quality metrics, including “A” ratings on Leapfrog Group’s Hospital Safety Score for both Edward and Elmhurst, and multiple Joint Commission Disease-Specific Certifications across the system.
Did you know? Edward-Elmhurst Healthcare was created in 2013 when Edward Hospital and Elmhurst Memorial Healthcare merged to become one of the larger integrated health systems in Illinois. Comprised of three hospitals – Edward Hospital, Elmhurst Hospital and Linden Oaks at Edward – the system has annual revenues of more than $1 billion, more than 50 outpatient locations across a service area of 1.7 million residents in the west and southwest suburbs of Chicago, nearly 7,400 employees and more than 1,900 physicians on staff.
