New York City-based New-York Presbyterian reported an operating income of $100.6 million (3.8% margin) in the second quarter, a $76.8 million decrease from the $177.5 million operating gain (6.5% margin) for the same period in 2023.
This decline in operating results was primarily due to the health system receiving $254.1 million from the sale of certain lab assets and receiving $65.1 million from the FEMA Disaster Relief Fund and $7.5 million of employee retention credit during the second quarter of 2023.
Revenue decreased 3.1% year over year to $2.65 billion while expenses dropped 0.3% to $2.54 billion, according to financial documents published Aug. 23. Salaries and wages increased 1.7% to $1.24 billion and employee benefits increased 11.9% to $293.7 million.
For the six months ending June 30, New-York Presbyterian hired more than 3,000 employees, including 966 nurses. The 10-hospital system also reduced its staff turnover rate to 11.1%, trending better than the PwC Saratoga Turnover Rate Benchmark for Hospitals/Health Systems for 2023 of 16.8%.
As of June 30, days of cash on hand was 351.7, compared to 345.2 on Dec. 31, 2023.
Net income for the second quarter was $262.3 million, down from $496.4 million in the second quarter of 2023.