Northwell sees operating losses decrease in Q1

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New Hyde Park, New York-based Northwell Health saw its revenue and net income rise in the first quarter of fiscal year 2021 while its operating losses fell, according to recently released financial documents.

The health system's total operating revenue grew to $3.5 billion, up from $3.1 billion in the first quarter of 2020. Northwell said it's seen "patient service volumes continue to improve as the second surge has subsided," but "certain services are currently at levels lower than pre-COVID-19," according to the documents.

Northwell recorded $22.1 million in grant revenue from the CARES Act Provider Relief Fund in the first three months ending March 31.

The health system's operating loss decreased to $43.1 million in the most recent quarter, compared to an operating loss of $141 million in the three months ending March 31, 2020.

Northwell ended the three-month period with net income of $56.5 million, compared to a $709.7 million net loss in the same period last year. The net income excludes a $197.8 million gain on the sale of its joint venture.

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