Maimonides posts loss on lower patient volume
Maimonides Medical Center posted a higher-than-expected operating loss as patient volume declined in the first half of the year.
The New York City hospital saw 3.7% fewer discharges in the first six months of 2014, compared with the year-ago period, and 3.6% fewer emergency department visits.
Outpatient visits increased 7.6% yearover-year, according to a recent financial report filed for bondholders.
With 679 beds, Maimonides is the fourth-largest hospital in Brooklyn, a borough that wrestles with poverty and has struggled to keep commercially insured patients from traveling across the river to Manhattan for medical care. Located in Borough Park, home to one of the world’s largest Orthodox Jewish communities, it has performed better than its peers and has explored an affiliation with at least one ailing crosstown provider.
For the first half of 2014, Maimonides reported a loss of $3.1 million compared with a surplus of $141,000 during the same period last year. Revenue totaled $520.4 million, up 1.4% from $513 million in the year-ago period.
The hospital did not break out its payer mix. However, it did note that its case mix index—or the acuity of its patients—was higher compared with last year.