New York City-based Montefiore Health System reported an operating loss of $27.9 million in the first quarter of 2024 after reporting an operating income of $31.8 million in the same quarter last year, according to its May 29 finance report.
"Revenue related to patient volumes and case mix were up some in Q1 2024, but were offset by rising expenses, including labor costs, seen across the country," Montefiore said in a statement shared with Becker's. "We remain steadfast in working with our elected partners across the state and federal government to ensure Medicaid reimbursements cover the cost of care, and that long-term sustainable funding continues to safeguard the highest quality care in the communities we serve."
Montefiore's total operating revenue was $2 billion for the three months ended March 31. That's up from $1.9 billion posted over the same period last year. Net patient revenue was $1.9 billion, up from $1.7 billion in the same quarter in 2023.
Total operating expenses were $2 billion, up from $1.9 billion over the same period last year. Salaries and wages totaled $952.8 million, up from $843.4 million. Supplies and other expenses totaled $698.8 million in the quarter, up from $684 million last year.
The system posted a net loss of $5.3 million in the quarter, down from a net income of $62.6 million in the first quarter of 2023.