NYU Hospitals Center continues to make a financial comeback after Superstorm Sandy caused the shutdown of the organization's emergency room and wreaked havoc on the center's overall revenue.
The Manhattan-based, not-for-profit organization reported that its fiscal 2015 net patient revenue skyrocketed 20% for the year ended Aug. 31. NYU Hospitals reopened its emergency room operations in April 2014 after sustaining damage from Sandy in October 2012.
Overall, NYU Hospitals saw $228.9 million in operating surplus on $2.6 billion in total revenue in 2015, compared with $214.8 million in surplus on $2.3 billion in total revenue last fiscal year.
Full recovery of patient-care services post-Sandy was a boon for NYU Hospitals in 2015. Net inpatient service revenue increased 17% over the prior year, with inpatient discharges up 8% and net outpatient service revenue up 24% over the previous fiscal year.
Disaster-related expenses, meanwhile, fell 73% to $6 million. The medical center, however, saw an 8% rise in salaries and wages and a 9.3% uptick in the cost of employee benefits.
As its bottom line improves, NYU Hospitals is also looking for merger deals. A merger between NYU Langone, part of NYU's larger network, and Brooklyn's Lutheran Medical Center was approved on April 1. It's expected to close on Jan. 1, 2016.