New York City-based Montefiore Health System exacerbated losses in the first nine months of 2022 even as its operating revenues increased and expenses were largely stable.
The system, which operates 10 hospitals in the New York City area, suffered from heavy losses on investment income, reporting a loss of $131.9 million for the nine months ended Sept. 30 compared with a $39.5 million gain in 2021.
Overall, the group reported a net loss of $259.3 million in 2022, building on a $189.4 million loss in 2021. Revenues in 2022 totaled $5.17 billion with expenses at $5.31 billion.
State and national programs were vital in helping manage the group's financial situation and will continue to be so, Colleen Blye, executive vice president and CFO, said in a statement.
"The Enhanced Medicaid Funding from New York's Directed Payment Template program was also critical to keeping health systems like ours afloat," she said. "Looking ahead, we will remain vigilant about our expenses, look for new opportunities to generate revenue and work with our federal and state leaders to ensure appropriate, long-term sustainable funding continues."