New York City-based Memorial Sloan Kettering Cancer Center ended 2018 with higher revenue and lower operating income than in 2017, according to unaudited financial documents released April 9.
Memorial Sloan Kettering's operating revenue increased 11.4 percent year over year to $4.9 billion in 2018. The hospital said the financial boost was partially attributable to higher patient service revenue, which was driven by growth in its ambulatory care network and rate and volume increases.
Operating expenses offset Memorial Sloan Kettering's revenue growth last year. The hospital reported operating expenses of $4.7 billion in 2018, up 12.5 percent from a year earlier. The hospital said growth was driven by its expanded ambulatory care network, an increase in staffing necessary to support further expansion in 2019 and higher pharmaceutical costs.
Memorial Sloan Kettering ended 2018 with operating income of $219.1 million, down from $239.8 million in 2017.
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