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.
