Long Island Business News
June 7, 2016
Northwell Health Gain and Revenues Rise
Northwell Health recorded a $90 million operating gain, slightly more than 1 percent of revenues, in 2015, as revenues jumped 18 percent or $1.3 billion to $8.7 billion.
The nonprofit, in its annual report, indicated it grew its operating gain, calculated by deducting expenses from revenue, slightly from about $87.5 million in 2014.
The system, which recently moved its headquarters from Great Neck to New Hyde Park, has been growing revenue rapidly, in part through acquisitions.
Northwell reported 7.0 billion in revenues in 2013, before increasing to $7.4 billion in 2014 and nearly reaching $9 billion in 2015.
The region’s biggest healthcare provider also indicated that its physician practice, Northwell Health Physician Partners, grew revenues by $164.1 million or 17 percent to $1.1 billion.
Northwell, which ended the year with the equivalent of 105 days of cash on hand, reported that 55 percent of revenue came from inpatients, 38 percent from outpatients and the remaining roughly 7 percent from other sources.
Medicare accounted for 42 percent of payments, while Medicaid accounted for 21 percent, indicating that government paid for well over half.
Commercial and managed care payments accounted for 31 percent of the total, while about 6 percent of patients paid their own way.
Lenox Hill Hospital’s autumn ball raised more than $2 million, the biggest single fundraiser for the year.
The annual Feinstein Institute summer concert with Sheryl Crow raised $1.6 million, to support research.
The annual partners council fall luncheon and fashion show raised more than $450,000 for Katz Women’s Hospital and the Katz Institute for Women’s Health.
The Federal Emergency Management Agency awarded a $5.4 million grant to Northern Westchester Hospital to enhance its electrical infrastructure in emergencies.
Northwell employs 61,000, making it the largest private employer in the state, including 13,600 physicians and 15,000 nurses.
The system in 2015 delivered nearly 30,000 babies, discharged 271,000 inpatients and handled 772,000 visits to emergency rooms.