A major research hub in New York City, New York-Presbyterian represents one of the most comprehensive, integrated academic health care delivery systems not only in the New York metro areas but also the nation. By collaborating tightly with Weill Cornell Medicine and Columbia University Vagelos College of Physicians and Surgeons, the provider consistently emerges as a leader in a range of activity from medical education and patient-centric care to groundbreaking research. Like most providers, COVID-19 had a profound adverse effect hitting the medical and research institution for a $128.5 million operating loss. The health system took measures to partially offset losses from executing on cost containment initiatives to securing funds available under the Coronavirus Aid, Relief and Economic Security Act.
Health care systems across America were severely impacted by the ongoing pandemic. New York may have been hit even harder due to the location as the hub or epicenter of the pandemic. Consequently, a review of the health systems financial documents recently disclosed reveals that they received about $567 million in federal grants. Although, this infusion wouldn’t make up for lost revenue due to COVID-19. In addition to securing $530 million in advanced Medicare payments (this is like a loan), the health system seeks additional dollars under the CARES Act to help with severe losses.