Bronx, N.Y.-based Montefiore Health System ended the first half of 2019 with higher operating revenue and lower operating income compared to the same period a year prior, according to recently released financial documents.
The system — which includes Montefiore Medical Center — recorded operating revenue of $3.1 billion in the six months ended June 30. That's a 7.3 percent year-over-year increase, largely attributable to higher net patient service revenue.
After factoring in operating expenses, which reached $3.1 billion, Montefiore Health System recorded operating income of $22 million in the first half of 2019. That's down 54.9 percent from operating income of $48.6 million in the same period of 2018.
The system ended the first half of 2019 with net income of $100.9 million, up 8.5 percent from net income of $93.1 million in the same period last year.
The system's operating margin decreased year over year between April 1 and June 30, from 1.67 percent to 0.7 percent.
"Our bottom line continues to be negatively impacted by governmental underpayment, as 85 percent of our patient population is covered by Medicare and Medicaid," hospital officials said.
"Hospital admissions decreased while outpatient volume continues to rise, reflective of our efforts to transform care delivery to occur where, when and how people need it the most," they added. "Our strategy of growing outpatient specialty care across the region will advance the health of our communities."
Officials said Montefiore is seeing significant growth in specialty care, including cardiology, neurosurgery, orthopedic surgery and cancer care.
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