Montefiore sees $67M loss in first half of 2020: 7 things to know

Despite receiving $390.1 million in federal relief aid in the first half of 2020, New York City-based Montefiore Medical Center recorded a net loss of $67.1 million in the period, according to recently released financial documents

Seven things to know:

1. Montefiore Medical Center saw its revenues hit $2.2 billion in the six months ended June 30, up from $2.1 billion in the same period last year.

2. Compared to the first half of 2019, the health system's operating expenses grew 7.3 percent in the first half of this year to $2.2 billion. 

3. Montefiore Medical Center ended the first six months of the year with an operating loss of $32.6 million. This compares to an operating gain of $3.6 million in the same period in 2019.

4. Overall, after taking into account nonoperating gains and losses, the system ended the period with a net loss of $67.1 million, compared to  $35.3 million net income in the first half of 2019. 

5. Montefiore Medical Center received $278.7 million in advance Medicare payments from CMS during the first half of 2020. The hospital has not made a repayment. 

6. Montefiore Medical Center received $390.1 million in grants from the Coronavirus Aid, Relief, and Economic Security Act in the first half of 2020. It received another $56.9 million in grants in July that  will be recorded in its third-quarter results. 

7. "Due to the global viral outbreak caused by [COVID-19] in 2020, there have been resulting effects which have, and will continue to negatively impact the medical center's financial condition. The ultimate impact of these matters to the medical center and its financial condition is presently unknown," Montefiore Medical Center stated in the financial report.  

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