NewYork-Presbyterian's Profit in FY 2012 Nearly Doubles to $326M
In fiscal year 2012, profit at NewYork-Presbyterian Hospital (pdf) in New York City soared 93 percent, from $168.7 million in 2011 to $325.9 million this past year.
The major boost in NewYork-Presbyterian's profit stemmed from $99.4 million in investment income. The academic medical center lost $11.9 million from investments in FY 2011.
Total revenue jumped 6.5 percent, from $3.64 billion in FY 2011 to $3.88 billion in FY 2012. NewYork-Presbyterian also posted $173.9 million in cash and cash equivalents on hand for the year-long period ended Dec. 31, 2012.
NewYork-Presbyterian has five main hospital facilities in downtown New York and is the flagship of NewYork-Presbyterian Healthcare System, which includes 17 acute-care hospitals. In January, NewYork-Presbyterian submitted a certificate of need to New York's State Health Department to take over Manhattan-based New York Downtown Hospital as sole owner.
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