Citing significant expenses related to COVID-19 and slow recovery of patient volume, New York City-based Montefiore Medical Center recorded a $140.8 million operating loss in the first half of 2021, according to recently released financial documents.
Five things to know:
1. Montefiore Medical Center saw its revenues hit $2.1 billion in the six months ending June 30, a decrease of about 2.6 percent from the same period last year.
2. Compared to the first half of 2020, the health system's operating expenses grew 2.3 percent in the first half of this year to nearly $2.3 billion.
3. Montefiore Medical Center ended the first six months of the year with an operating loss of $140.8 million, or an operating margin of -6.7 percent. This compares to an operating loss of $32.6 million in the same period in 2020.
4. Overall, after taking into account nonoperating gains and losses, the system ended the first six months with a net loss of $129 million. In the same period last year, Montefiore Medical Center posted a $67.1 million net loss.
5. Montefiore Medical Center received $56.7 million in provider relief funding in the first half of 2021. In the same period in 2020, the health system received $390.8 million.