NYC Health & Hos­pi­tals loses $776 mil­lion in first half

Modern Healthcare - - REGIONAL NEWS - —Jonathan LaMan­tia, Crain’s New York Busi­ness

NYC Health & Hos­pi­tals re­ported a $776 mil­lion op­er­at­ing loss for the first half of fis­cal 2017, ac­cord­ing to unau­dited fi­nan­cial state­ments.

The New York City pub­lic health sys­tem’s op­er­at­ing loss widened by 84.5% over 2015, when the sys­tem lost $420.4 mil­lion. After in­vest­ment losses and in­ter­est ex­penses, the sys­tem lost $842.6 mil­lion.

The city paid the health sys­tem $78.8 mil­lion in cap­i­tal con­tri­bu­tions, re­sult­ing in a $763 mil­lion net loss. En­roll­ment in MetroPlus, its in­sur­ance arm, showed mod­est gains. But the sys­tem’s goal of in­creas­ing the num­ber of pa­tients it serves is in jeop­ardy fol­low­ing de­clines in utiliza­tion at its hos­pi­tals and out­pa­tient clin­ics, Crain’s New York Busi­ness re­ported in Jan­uary.

A sys­tem spokesman down­played the loss, cit­ing the tim­ing of gov­ern­ment pay­ments and ac­count­ing rules that count non­cash costs, such as de­pre­ci­a­tion. The spokesman said the sys­tem is still on track to re­duce the bud­get gap by $770 mil­lion for the cur­rent fis­cal year by in­creas­ing rev­enue and low­er­ing costs.

Mayor Bill de Bla­sio in­creased sup­port for the sys­tem by 10.9%, to $766.8 mil­lion for fis­cal 2018, which be­gins July 1.

New York Mayor Bill de Bla­sio has in­cluded a 10.9% in­crease in fund­ing for the city’s pub­lic health sys­tem.

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