Montefiore Health System recorded a net loss of $96.7 million in the first quarter of 2020, which the New York City-based organization said was partially due to disruptions in revenue-generating services amid the pandemic, according to recently released financial documents.
Five things to know:
1. Montefiore saw its operating revenue hit $1.5 billion in the three months ended March 31, down slightly from the same period one year prior.
2. The health system saw its expenses rise to $1.6 billion in the first quarter, up from $1.5 billion in the first quarter of 2019.
3. Montefiore saw an operating loss of $116.1 million in the three-month period without taking into account value-based payment and vital access provider programs. In the first quarter of 2019, the health system recorded an operating loss without taking into account value-based payment and vital access provider programs of $17.9 million.
4. The health system ended the period with a net loss of $96.7 million, compared to a net income of $1.2 million in the same period in 2019.
5. "Responding to the pandemic caused disruptions in revenue-generating services, including the suspension of all elective procedures on March 18," Montefiore said. "Despite a challenging quarter we remain focused on providing the highest quality healthcare in a fiscally responsible manner."