NewYork-Presbyterian saw its operating income fall in the first three months of 2019, but the decrease was offset by an increase in net income, according to bondholder documents.
The New York City-based hospital recorded net income of $254.4 million in the three months ended March 31, up 364.5 percent year over year from $54.8 million. NewYork-Presbyterian largely attributed the growth to higher investment returns.
The hospital also saw operating income fall 27.9 percent year over year to $51.6 million in the three-month period, due to growth in total operating expenses exceeding growth in total operating revenue.
The hospital saw total operating expenses in the first three months of 2019 climb to $1.6 billion, up from $1.4 billion in the same period a year prior. The increase was driven by salary and benefit costs, as well as an increase in medical and surgical supplies. NewYork-Presbyterian said the increase in medical and surgical supplies resulted from higher inpatient volume and ambulatory surgery procedures and higher acuity, an increase in pharmaceuticals related to more ambulatory oncology visits and the opening of the NYP David H. Koch Center, a 750,000-square-foot ambulatory care facility.
The hospital said total operating revenue increased year over year, from $1.5 billion to $1.6 billion, primarily due to higher acuity, and growth in inpatient and outpatient services.
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