For the first time since 2007, Carilion Clinic turned a profit in the most recently completed fiscal year.
The Roanoke-based health care organization saw operating income of $13.4 million in the 2012 fiscal year, which ended Sept. 30, according to its latest audited financial report.
In the previous fiscal year, Carilion lost $6.2 million.
The return to profitability comes as Carilion slowly emerges from the recession’s effects on health care, which coincided with an earlier-formed plan to pump millions into a new clinic model and other capital expenses.
As the region’s largest private employer, Carilion did not significantly cut back on employment or health care services during the lean years since 2007, a period in which its net assets declined dramatically.
In fact, it did the opposite, and officials hope the new clinic model and other growth initiatives will pave the way for more years in the black.
“We’re pleased with the success we’ve had in executing our plan and returning to profitability,” said Don Halliwill, Carilion’s chief financial officer.
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