NYC Health + Hospitals closes 65% of $1.8B budget shortfall

At the end of fiscal year 2019, NYC  Health + Hospitals reported that it was able to close 65 percent of its $1.8 billion budget gap.

 "Financial stability is a critical part of our transformation plan, and our fiscal year end shows that we are on the right track —  we are achieving our goals and exceeding our budget expectations," said system President and CEO Mitchell Katz, MD.

The public hospital system began implementing a financial turnaround plan in 2016 to help close a projected cash shortfall attributed to the changing healthcare landscape. 

Dr. Katz attributed its financial success in fiscal year 2019 to improved patient revenue, decreasing expenditures and investing in the right people. 

Patient revenue increased to $3.86 billion in fiscal year 2019, $30 million higher than the year before. Cash on hand increased by $51 million from fiscal year 2018, to $776 million.

The system stated that it hired 426 registered nurses and 229 in nursing support positions and revenue staff to improve operations and finances.

All together, the system closed fiscal year 2019 with a $36 million net positive margin. 

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