Revenue Up in 2007 for Major Physician Group in Northern California
Hill Physicians Medical Group, one of the largest physician groups in Northern California, reported $440.2 million in revenue in fiscal year 2007, a 3% increase over 2006, the San Francisco Business Times reports.
Net income, however, declined for the second year in a row. Net income was $3.4 million for 2007, a 36% decrease from 2006.
The physician group attributed the income decrease to large investments in new IT and declines in investment income in 2007. Hill invested $5.8 million in electronic health record software and related technology last year.
In 2007, the physician group also earned $4.6 million in quality-related financial awards from the state's Pay for Performance Initiative and distributed $44 million in performance-based bonuses from health plans to its doctors.
The figures come from a preliminary financial report to its board delivered on Tuesday. Hill's official 2007 report is due out in June.
Hill is one of only a few medical groups nationwide to publicly report its financial results. About 2,600 physicians comprise the medical group (Rauber, San Francisco Business Times, 4/23).