Healthcare Business News

Brooklyn-based Maimonides reports loss as patient volume declines

By Beth Kutscher
Posted: August 4, 2014 - 2:15 pm ET

Maimonides Medical Center posted an operating loss that was higher than expected 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 room visits. However, outpatient visits increased 7.6% year-over-year, according to a recent financial report filed for bondholders.

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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. (While Maimonides is nonsectarian, it is committed to the “special healthcare needs of the Orthodox Jewish community, whose religious and cultural traditions help guide the provision of Maimonides services,” according to its website.)

Yet for the first six months of 2014, Maimonides reported a deficiency of $3.1 million compared to a surplus of $140,960 during the same period last year. Revenue increased to $520.4 million, up 1.4% over the prior year period's $513 million.

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 to the previous year.

Follow Beth Kutscher on Twitter: @MHbkutscher

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