Mount Sinai Q2 profit climbs
South Florida Business Journal
Mount Sinai Medical Center’s profit climbed in the second quarter as it continued attracting more patients.
The Miami Beach-based nonprofit earned $5.9 million on revenue of $135.7 million in the second quarter, according to a report to its bondholders. That’s up from earnings of $10,000 on revenue of $130.6 million in the same quarter a year ago.
In both quarters, Mount Sinai received a $2.5 million contribution from its fundraising foundation. The operator of the 955-bed hospital lowered expenses slightly quarter-over-quarter. Much of that came from reducing supply costs.
Mount Sinai boosted revenue thanks to a 2.3 percent increase in inpatient admissions, especially in psychiatry and obstetrics, plus a 4.8 percent increase in emergency room visits. Its cardiac procedure volume also grew.
The hospital reported $13.2 million in bad patient debt in the second quarter, up from $12.2 million in the same quarter last year.
On July 12, Moody’s Investors Service upgraded Mount Sinai’s long-term debt rating and improved its outlook to “positive.”