Kaiser Foundation Hospitals And Health Plan Report Fiscal Year 2012 And Fourth Quarter Financial Results
OAKLAND, Calif., Feb. 8, 2013 /PRNewswire/ -- Kaiser Foundation Hospitals, Kaiser Foundation Health Plan, Inc., and their subsidiaries (KFH/HP) reported today that combined total operating revenue for 2012 was $50.6 billion, compared to $47.9 billion in 2011. Operating income for 2012 was $1.7 billion, equal to 3.3 percent of operating revenue, compared to $1.6 billion, equal to 3.3 percent of operating revenue, in 2011. Net non-operating income was $925 million in 2012, compared to $426 million in 2011. As a result, net income for 2012 was $2.6 billion, compared to $2.0 billion in 2011.
As not-for-profit organizations, KFH/HP use their net income to make investments in care-delivery facilities and technology supporting our members, patients and the communities we serve. Capital spending by KFH/HP in 2012 was $3.5 billion, compared to $3.2 billion in 2011. Capital investments in new and upgraded health care facilities made KFH/HP a major source of construction jobs in California. KFH/HP's capital spending includes the current phase of seismic upgrades occurring throughout California. KFH/HP opened one new hospital and 12 new medical office locations across its regions in 2012.
Combined total operating revenue for the quarter ending Dec. 31, 2012, was $12.7 billion, compared to $12.1 billion in the same period in 2011. Operating income was $179 million in the fourth quarter of 2012, compared to $247 million in the same quarter of the prior year. Net non-operating income was $330 million in the fourth quarter of 2012, compared to a net non-operating income of $227 million in the same quarter of 2011. As a result, net income for the fourth quarter was $509 million, versus $474 million for the same period in 2011. Capital spending in the fourth quarter of 2012 was $1.0 billion, compared to the same amount in the fourth quarter of 2011.
Total membership increased by approximately 131,000 members over the past year. As of Dec. 31, 2012, membership totaled more than 9 million members."Our year-end operating income as a percent of revenue is consistent with the prior year's performance," said Chief Financial Officer and Executive Vice President Kathy Lancaster. "We are pleased that our performance allows us to continue to make capital investments in our facility infrastructure and IT systems that allow us to deliver high-quality, affordable health care to our members and the communities we serve." Kaiser Permanente has demonstrated ongoing leadership in providing new and innovative ways to improve care and the total health of its members and patients. All Kaiser Permanente members can access My Health Manager, Kaiser Permanente's personal health record, to manage their personal health information online. In 2012, Kaiser Permanente members viewed 33.3 million laboratory results, exchanged 13.4 million emails with their Kaiser Permanente doctors and caregivers and refilled 11.9 million prescriptions online.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV