Bronx, N.Y.-based Montefiore Medical Center saw operating revenue increase in 2018 but ended the period with a lower overall operating margin.
The medical center, part of Bronx-based Montefiore Health System, recorded operating revenue of $3.9 billion in the year ended Dec. 31, up from $3.8 billion in 2017, according to recently released financial documents.
The boost is partially attributed to net patient service revenue, which grew 2.6 percent year over year.
But operating expenses also grew, from $3.7 billion in 2017 to $3.9 billion in 2018.
The medical center ended 2018 with an operating margin of 0.049 percent in 2018, down from 0.73 percent in 2017.
Hospital officials said the change reflects flat or declining Medicaid and Medicare payments, as well as increasing costs such as pharmaceuticals, medical expenses and salaries.
After factoring in nonoperating gains and losses, the medical center recorded net income of $26.6 million for 2018, down 52.9 percent year over year from net income of $56.5 million.
MMC said it continues to work to improve its financial picture by bringing specialty care expertise in areas including cancer, advanced imaging, neuroscience, transplantation, musculoskeletal and heart and vascular care to new markets in its expanded service region of four counties. The organization is also working to diversify its payer mix.
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