Bronx, N.Y.-based Montefiore Health System saw operating income and net income increase in the first nine months of 2018, according to recently released financial documents.
The 11-hospital system, which includes Montefiore Medical Center, recorded revenue of $4.4 billion in the nine months ended Sept. 30, up from $4.1 billion in the same period a year prior.
The boost is partially attributed to net patient service revenue, which grew 6.6 percent year over year.
But expenses also grew, from $4.1 billion in the first nine months of 2017 to $4.4 billion in the same period of this year. The system said pharmaceutical and labor costs contributed to the increase.
The system ended the first nine months of 2018 with operating income of $59.6 million, up from operating income of $37.7 million in the same period last year.
After factoring in nonoperating gains and losses, Montefiore recorded net income of $118.8 million for the first nine months of 2018, up 66 percent year over year from net income of $71.5 million. The system said the increase is largely attributable to a one-time malpractice adjustment of $42 million.
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