Hackensack Meridian sees operating income in Q1 with help from $69M in aid

Hackensack (N.J.) Meridian Health saw its operating income increase in the first quarter of 2021 thanks to millions of dollars in federal aid, according to recently released financial documents. 

In the quarter ending March 31, the health system saw its revenue grow 10.8 percent year over year to $1.55 billion. However, it also saw its expenses increase to $1.61 billion in the first quarter of this year, up from $1.4 billion recorded in the first quarter of 2020. 

After factoring in $69.72 million in federal COVID-19 pandemic relief, Hackensack Meridian ended the quarter with an operating income of $17.39 million. Without the aid, Hackensack Meridian would have recorded an operating loss of $52.33 million in the first quarter. In last year's first quarter, Hackensack Meridian recorded an operating loss of $40 million.

With investment income and other gains, the health system ended the first quarter of this year with a net income of $142.62 million. In the same period last year, Hackensack Meridian posted a net loss of $396.35 million. 

"Management believes its steady and improving margin performance is attributable to a disciplined focus on bottom line results," Hackensack Meridian said in the financial report. 

Access the full financial report here

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