Recovery of investment income boosts Cone Health’s first-half financial performance | Local

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Medicare and Medicaid represented 49.7% of reimbursement and source of payments, while commercial and managed care was 42.1%, the “other” category was 7% and self-pay was 1.2%. Cone said it has received $26.6 million in federal CARES COVID-19 relief grants for the first half. Source journalnow.com

Outpatient visits were down 13.4% to 412,513. Overall expenses climbed 9.3% to $1.23 billion. Supply costs were up 8.9% to $247.7 million, related mostly to “growth in drugs for specialty, contract and Cancer Center pharmacies, and by growth in supplies for surgeries and procedural volumes.”

By comparison, inpatient volumes were down 1.1% year over year to 29,201. It reported 34,862 telehealth visits for the first half, compared with none a year ago. Cone said there was a 6.2% increase in salaries and wages expenses to $442.2 million. The system raised its minimum hourly wage from $12 to $13 in February 2019. The minimum wage was raised again Jan. 31 to $15 an hour.

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