New York City-based Memorial Sloan Kettering Cancer Center saw a swing from a $235.1 operating gain in 2021 to a 2022 operating loss of $248.1 million.
The $483 million swing was largely due to an 11.6 percent increase in expenses year over year. Total revenue for 2022 was $6.6 billion, up 3.6 percent, according to a financial report from the health system.
Once one-time costs were taken into consideration — reducing leased space and a reduction in the workforce — there were signs of improved operating income in the fourth quarter compared with the previous quarter, which ended Sept. 30, the system said.
"These efforts, including the one-time reorganization costs, will generate future savings and enable MSK to continue to provide excellent patient care," the report said.
Investment losses in the period totaled $932 million, dragging the overall loss down further. In 2021, there was a $996.7 million gain on such returns.