New York City-based Montefiore Health System reported operating income of $32.3 million (0.8% margin) in the first half of 2024, up from an operating loss of $17.5 million over the same period last year.
The health system posted total operating revenue of $4.1 billion in the six months ended June 30, up from $3.7 billion posted over the same period in 2023, according to its Aug. 29 financial report. Net patient services revenue was $3.8 billion, up from $3.4 billion in the first half of 2023.
Total operating expenses were $4.1 billion in the first six months of 2024, up from $3.7 billion reported over the same period last year. Salary and wage expenses totaled $1.9 billion, up from $1.7 billion. Supplies and other expenses were $1.4 billion, up from $1.3 billion.
"Patient volume remained flat, as expenses, including labor costs, continue to rise," the health system said in a statement shared with Becker's. "The most significant drivers that positively impacted our margins were the New York 1115 Medicaid waiver and Federal Emergency Management Agency reimbursements recorded this year. We are most grateful to our government partners in supporting new programs particularly for our Medicaid population, like the new waiver, as 80% of our patients are on governmental insurance like Medicare and Medicaid."
Montefiore posted a net income of $57 million in the first half of 2024, up from a net income of $29.3 million over the same period in 2023.