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(Miami Beach, FL – March 31, 2015) –Mount Sinai Medical Center is reporting positive earnings for year-end 2014, reinforcing its mission-driven operations and its strong image as a healthcare leader and community resource.
Mount Sinai operations produced a net income of $6.7 million for the fourth quarter and $16.5 million for the 2014 fiscal year, exceeding its budgeted net income of $16.0 million. Net revenue for the fourth quarter increased to $135.6 million as compared to $129.4 million in the prior year – a 4.7 percent increase – and $529.0 million for the fiscal year as compared to $516.0 million for the prior year – a 1.8 percent increase. Mount Sinai’s continual strong financial performance reinforces best demonstrated practices for non-profit organizations.
Philanthropy has always been an important part of Mount Sinai’s history and success, and in 2014, the Mount Sinai Medical Center Foundation had a record year of revenue over expenses. The Foundation’s net assets grew to nearly $139.0 million in 2014, an increase of $17.5 million from the prior year. This fourteen percent increase helps ensure that medical center’s financial stability and further strengthening of Mount Sinai’s operating performance.
For the year, the Medical Center saw an increase in total admissions, outpatient surgical volume, emergency room visits and cardiac surgeries. Inclusive of observation admissions – which increased by 17 percent – the Medical Center’s total admissions experienced an increase of 2.4 percent as compared to the prior year. The Medical Center’s outpatient surgical volume also increased by 4.7 percent.
Mount Sinai’s combined emergency room visits increased by 6.7 percent -or 4,327 visits – as compared to the prior year. The Mount Sinai Aventura free standing emergency room and the Miami Beach campus emergency room each showed strong volume increases of 7.1 percent and 6.5 percent, respectively. Mount Sinai’s satellite facilities in Hialeah, Coral Gables and Key Biscayne experienced continued outpatient visits growth of 13.1%, setting the stage for the opening of Mount Sinai’s newest satellite set to open in Sunny Isles Beach.
The Mount Sinai Heart Institute continued to produce strong cardiac surgical volume with an increase of 3.4 percent as compared to the prior year. The Florida Agency for Health Care Administration (AHCA) data shows that the Mount Sinai continues to be the area’s leader in cardiovascular care. The Medical Center has the best cardiac surgical outcomes in Florida among hospitals that perform more than 733 cases. In addition, Mount Sinai’s chief of cardiac surgery, Dr. Joseph Lamelas, performs the most heart valve surgeries in Florida. The Medical Center also offers patients the best heart attack survival rate in South Florida, according to the Centers for Medicare & Medicaid Services (CMS) Hospital Compare data.
Exclusive of a $4.5 million Loss of Extinguishment of Debt recorded during the third quarter related to the refunding of the Series 2004 bonds, operational expenses for the year increased by 6.4 percent as compared to the prior year. The medical center experienced an increase in expenses to its revenue cycle management related to the implementation of electronic health records, and compliance with ICD-10 standards.
Consistent with its mission, Mount Sinai provided $136 million in charity care in 2014, compared to nearly $130 million in 2013. Mount Sinai remains dedicated to the health and wellbeing of the South Florida community, demonstrated by its ongoing efforts to make healthcare more accessible, while providing the latest treatment options as a world-class healthcare provider.