New York City-based Montefiore Health System posted a net loss of $57.66 million for the three months ended March 31, an improvement from the same period last year, which had a net loss of $66.84 million, according to its financial results released May 26.
The 10-hospital system had $1.71 billion in total operating revenue for the first quarter of this year, a 7.9 percent increase from the same period last year, at $1.59 billion. Its net patient service revenue rose 7.9 percent to $1.52 billion this year from $1.41 billion last year.
Montefiore's operating expenses increased by 4.2 percent year over year, to $1.74 billion in the first quarter of 2022, compared to $1.67 billion last year. Salaries and wages reached $780.75 million, up from $763.01 million in 2021.
The health system had an operating loss of $8.41 million for the first quarter of this year, an improvement from an operating loss of $63.58 million for the same period last year.
Montefiore said relief funding from federal FEMA applications and the Employee Retention Credit, as well as more Medicaid funding, helped improve the organization's finances.
"However, as costs for equipment, supplies and labor continue to grow and our patient volumes remain below pre-pandemic levels, long-term sustainable federal and state funding continue to be crucial to help ensure healthcare systems and hospitals like ours remain afloat," Montefiore said.