Friday, March 26, 2010
Mount Sinai climbs to profits
South Florida Business Journal - by Brian Bandell
In a report to its bondholders, the nonprofit hospital in Miami Beach said it earned $4.1 million on revenue of $124.6 million for the fourth quarter. That’s improved from a $541,000 loss on revenue of $120.6 million in the same period of 2008.
For all of 2009, the 955-bed hospital earned $13.8 million on revenue of $523.5 million, improved from a loss of $5.4 million on revenue of $496.9 million in the previous year. In both years, the hospital received a $10 million contribution from its fundraising foundation that counted as revenue and income.
Mount Sinai’s management and doctors engineered its financial turnaround by attracting more patients who underwent cardiac surgery and more patients from commercial insurance and Medicare, and boosting patient volume in its emergency rooms and outpatient centers.
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