The 2015 fiscal year was dominated by continuing, transformational change. In August 2014, we officially began operating our Colorado clinical operations through a joint operating agreement with Saint Joseph Hospital and SCL Health in Colorado. This agreement enables our clinicians to successfully treat patients through the full continuum of care at a brand new hospital facility. The new Mount Sinai – National Jewish Health Respiratory Institute with the Icahn School of Medicine opened its first location in New York in January. This collaboration broadened our geographic footprint, opened channels for expanded patient care and research and was financially accretive for both institutions. Combined, these ventures generated $3.9 million of net, new operating revenue.
While a major focus was on new ventures, National Jewish Health continued our strategic focus on growing and diversifying our traditional, clinical operations in order to continue to be the best at respiratory and related diseases. Net patient service revenue grew over 11 percent to $131 million. We began providing pediatric allergy/immunology services for Rocky Mountain Hospital for Children at Presbyterian/St. Luke’s in Colorado and electronic critical care services for Banner Health hospitals throughout the western United States. For the first time in decades, in collaboration with the University of Colorado School of Medicine, thoracic surgeons began seeing patients on the National Jewish Health campus. Our oncology practices continue to thrive in all three locations and our traditional pulmonology, allergy, cardiac and gastroenterology programs continue to grow.
Fundraising completed another successful year, raising $31.3 million, the largest amount in National Jewish Health history. In spite of the research funding challenges at the National Institutes of Health, grant revenues stabilized in 2015 and are poised for growth. Several new researchers were recruited during the year in genetics, pulmonology and pediatrics. These new recruits will diversify our research program and expand our future funding opportunities.
Expenses experienced a modest 6 percent growth during the year largely as a result of the expanded clinical operations, information system investments, nationwide increases in pharmaceutical prices and faculty recruitment. The investment markets were turbulent. In spite of our well-diversified portfolio, investment revenues were less than $1 million and were significantly below the $17.1 million returned in 2014.
The health care industry is undergoing tremendous regulatory, reimbursement and technological change. By adding new ventures, fortifying current programs, expanding collaborations, controlling cost and focusing on the tremendous value we offer to our patients, National Jewish Health continues to strengthen its position within the industry, so that we continue to offer our unique, personalized service to those we treat.
Overview of Revenue and Expenditures