Mount Sinai Hospital's operating profit surged 52% to $159.7 million in 2016, up from $105.3 million the previous year, the hospital reported in its audited consolidated financial statements. Including other items, operating income more than tripled to $260.7 million, compared with $83.4 million in 2015.
The hospital's revenue, before other items, reached $2.4 billion in 2016, compared with $2.1 billion in the prior year. The bulk of 2016 revenue—66%—came from inpatient services, with another 29% coming from outpatient services and 5% from other services.
Operating expenses rose to $2.2 billion, compared with $2 billion in 2015. Almost half of 2016 operating costs, 48%, related to labor expenses. The cost of salaries and benefits rose 7% from 2015, while the cost of supplies rose 12%, in part because of higher costs relating to increased surgical volume as well as in oncology and other non-cancer infusion services, the hospital said.
Separately, Mount Sinai's Beth Israel Medical Center continued to lose money from operations. It posted operating losses of $91.6 million, compared with $113 million in losses the previous year, according to audited consolidated financial statements. Total revenue fell to $1.1 billion fron $1.2 billion in 2015.
Meanwhile, at Mount Sinai's St. Luke's Roosevelt Hospital Center, which includes Mount Sinai West and Mount Sinai St. Luke’s, operating losses more than doubled to $21.2 million on $1.05 billion in revenue in 2016 according to its audited consolidated statements. In 2015, the hospital reported operating losses of $10 million on revenue of $1.08 billion.
"Mount Sinai Hospital's operating profit rises 52%" originally appeared in Crain's New York Business.