Bronx, N.Y.-based Montefiore Health System saw operating revenue and net income increase in 2018 compared to the year prior. However, the system’s operating margin remained relatively flat.
The system — which includes Montefiore Medical Center — recorded operating revenue of $5.9 billion in the year ended Dec. 31, according to recently released financial documents. That's a 7.3 percent increase year over year, partially attributable to higher net patient service revenue.
Montefiore Health System also saw operating expenses climb last year, to $5.9 billion, compared to $5.5 billion the year prior.
The system ended 2018 with operating income of $53.5 million, a 3.2 percent decline from operating income of $55.3 million in 2017.
With nonoperating gains, Montefiore Health System recorded net income of $121.2 million in 2018, up 26.9 percent year over year from net income of $95.5 million.
The system's year-over-year operating margin was relatively flat, at 0.89 percent in 2018 compared to 0.99 percent in 2017.
"During this period, we experienced an increase in complexity of care and a growth of patient volume throughout the Bronx, Westchester and the Hudson Valley," according to a statement from the health system. "Montefiore will continue to bring more specialty care to our community hospitals, building upon new and expanded clinical programs. We will also continue our progress managing the challenge of flat or declining payments from Medicaid and Medicare and the increasing costs of pharmaceuticals, labor and supplies."
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