Montefiore operating performance was primarily driven by noncontinuous or one time FEMA and 1115 waiver funding, said Colleen Blye, the system’s executive vice president, CFO and chief business officer. Without those federal and state funds, the system’s operating margin would have been -2.4% for the 12 months ended Dec. 31.
Ms. Blye said that increasing labor and supply costs continue to negatively affect the health system’s bottom line.
“We remain committed to evaluating opportunities to reduce expenses and diversify our revenue,” she said. “And in the face of significant uncertainty regarding government funding, [we] will continue to partner with elected officials and peer organizations to advocate for the appropriate funding and reimbursements required to ensure continuity of care for the communities we serve.”
Montefiore reported total operating revenue of $8.6 billion in 2024, up from $7.7 billion in 2023. Net patient service revenue hit $7.8 billion in 2024, up from $7.2 billion in the prior year.
Total operating expenses reached $8.4 billion in 2024, up from $7.6 billion in 2023. Salary, wage and benefit costs were $5.1 billion in 2024, up from $4.5 billion in 2023. Supply and other expenses reached $3 billion in 2024, up from $2.7 billion in 2023.
As of Dec. 31, the system had long-term debt of $2.6 billion, up from $2 billion on the same date in 2023.
Montefiore reported a net income of $228 million in 2024, up from $192.1 million in 2023.
