Montefiore climbs out of the red

New York City-based Montefiore Health System reported an operating gain of $93.9 million in 2023, up from an operating loss of $98.5 million in 2022, according to its financial report released March 15. 

The system posted an operating margin of 1.2% in the year ended Dec. 31, compared to -1.4% at the end of 2022. 

Montefiore said in a statement that state and federal government funding was key for getting the health system out of the red as it continues to face pressures from inflation and rising labor costs. 

"With 85% of the people we care for covered by government payer, it is critical that we continue to work with our colleagues and partners across the government sector to secure and sustain funding opportunities, including increasing state Medicaid reimbursements to cover the cost of care for those covered by Medicaid," the statement said. "Without this support, access to and provision of healthcare for the communities we serve may be jeopardized."

The 10-hospital system had a total operating revenue of $7.7 billion in 2023, compared to $7 billion in 2022. Operating expenses were $7.6 billion in 2023, up from $7.1 billion in 2022. 

Montefiore had an overall net gain of $79.5 million million in 2023, compared to a $263.8 million loss in 2022.

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