Maimonides Medical Center reported a $7.2 million net loss from operations in the first six months of 2015. With the inclusion of several nonoperating items, including a $3.8 million grant for capital asset acquisitions and a $548,000 loss on investments, Maimonides was $3.7 million in the red for the first half of the year.
A Maimonides spokeswoman said that the hospital’s commitment to acquiring physician practices was the root of the financial dip.
“We knew we’d lose money before we gained, and expect by year-end we’ll be in the black again,” she told the outlet.
The hospital missed projected budget estimates for both inpatient and outpatient services for the review period. Maimonides drew $357 million in revenue from inpatient services, which was $172,000 short. A total of 21,697 patients were discharged from the hospital during the six-month period, 825 fewer than projections.
From outpatient services, the Borough Park medical center only pulled $152 million, despite projecting $158 million in outpatient revenue. The hospital saw 48,962 emergency-room visits (4.6 percent less than projected), and 74,086 total outpatient visits. Though several clinics handled 15 percent more visits than in the first six months of 2014, the total volume was still 2.7 percent below the hospital’s budget estimate.
Last year the hospital’s revenue was $1.1 billion, pulling in a small surplus. Maimonides has long been seen a the most stable hospital in the area, in an era when other Brooklyn hospitals have declared bankruptcy or shut down, notes Crain’s. An alliance with Long Island’s healthcare goliath North Shore-LIJ is currently in the works, reported the outlet.