June 4, 2020 / Jonathan LaMantia
New York–Presbyterian lost $128.5 million in the first three months of 2020 as the loss of revenue from postponed procedures and higher staffing and supply costs from COVID-19 wreaked havoc on the finances of the well-heeled health system.
The loss, which represented an operating margin of -5.9%, was preceded by a $29.4 million operating profit in the first quarter of 2019, according to its financial statements.
The financial struggles of New York–Presbyterian, one of the region’s most financially stable systems, are a sign of the strain COVID-19 has placed on area hospitals. The losses will be partially offset by federal aid that was awarded after the first quarter concluded.
Because of COVID-19, New York–Presbyterian said, it postponed elective inpatient and outpatient procedures, transferred patients to make beds available for a surge in patients, increased its number of staffed beds and created six field hospitals.