COVID-19FinancialHospitals

New York–Presbyterian loses $128M in first quarter as COVID-19 takes its toll

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.

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Mike Adams

Mike Adams is a medical device sales leader with extensive clinical experience in spine and biologics and a nationwide distribution network built over the last 10+ years in the industry. He has held various leadership positions in healthcare and device including Distributor Partner, Hospital COO and Spine VP of Sales. He currently leads the commercialization strategy for OrthoSpine Partners and is a Distributor Principal at Novel Medical. Because of his unique career path, Mike has the ability to see the healthcare business from multiple perspectives making him passionate about building strategic partnerships that help reduce overall costs, drive innovation, and cultivate growth for new markets.

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