The New York City Health and Hospitals Corp. significantly reduced its operating losses and net deficit for fiscal 2014 thanks to an increase in net patient service revenue and revenue received from a special fund for care given to indigent patients.
HHC, which manages city-owned hospitals and nursing facilities, reported a $14.2 million operating loss on $8 billion in revenue for the fiscal year that ended June 30, according to audited financial statements. That compared with a $514.8 million operating loss on $7.3 billion in revenue reported in its previous fiscal year. The system also reported a significantly lower net deficit of $126.8 million, an improvement of 79.6% over the $620.6 million net deficit the year prior.
Net patient service revenue rose 10% to $4.9 billion, compared with $4.5 billion in the prior year.
Revenue from a fund used to pay for the treatment of patients requiring charity care increased to $609.6 million, up 36.9% from $445.4 million in the previous year. New York hospitals are reimbursed for charity care by a pool of state and regional funds.
Inpatient acute-care discharges, including psychiatry and rehabilitation, rose 3%.