New York City-based Memorial Sloan Kettering Cancer Center ended the first six months of 2019 with higher revenue and operating income than in the same period a year earlier, according to unaudited financial documents.
Memorial Sloan Kettering's operating revenue increased 11.1 percent year over year to $2.7 billion. The hospital said the financial boost was partially attributable to higher patient revenue, which was driven by growth in its ambulatory care network and rate and volume increases.
The hospital's operating expenses also increased in the first half of this year. Memorial Sloan Kettering reported operating expenses $2.5 billion in the first six months of 2019, up 11.6 percent from a year earlier. The hospital said growth was driven by its expanded ambulatory care network, an increase in staffing necessary to support further expansion in late 2019 and higher pharmaceutical costs.
Memorial Sloan Kettering ended the first half of this year with operating income of $161.7 million, up from $155.4 million in the same period of 2018.
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