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New York-Presbyterian Hospital again dominated Crain’s annual list of largest hospitals.
The hospital spent $10.2 billion on operating expenses, more than any other hospital in the New York-area according to the list, which is ranked by the metric. The figure represents a 32% uptick from 2022; New York-Presbyterian and Brooklyn Methodist Hospital’s merger was completed in October 2022, accounting for the bumps. The deal also brought a 27% uptick in net patient revenue for the hospital, a 24% increase in inpatient days and a 21% jump in the number of beds.
NYU Langone was the second largest hospital listed, with $7.6 billion in operating expenses, followed by Montefiore Medical Center at $5 billion, Long Island Jewish Medical Center with $4 billion and Mount Sinai rounding out the top five with $3.9 billion.
Hospitals had a slow bounceback from the pandemic due to enduring labor shortages and inflation, but have made a comeback in the first quarter of this year, with local health systems boasting a 3% average operating margin.
Operating expenses ticked up by nearly 8% across the area’s 40 largest hospitals. All hospitals saw increases, except for NYC Health + Hospitals/Kings County and NYC Health + Hospitals/South Brooklyn Health which decreased by 1% and 2%, respectively. The average operating cost among the top 40 hospitals listed was $1.9 billion.
Patient revenue increased by a similar margin of 7.5%, with the institutions bringing in an average of $1.7 billion.
In all, the area’s hospitals completed more than 25 million ambulatory care visits, a 5% decrease from last year’s 28 million. Montefiore had more ambulatory care visits than any other hospital on the list: 4.1 million.
Ambulatory care visits decreased slightly by an average of 5%. Inpatient days stayed relatively flat at 3%. The number of beds did not change significantly since 2022.
The hospitals have a combined workforce of more than 260,000 employees.
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Amanda Glodowski , 2024-06-12 11:33:04
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