Your guide to NYC's public proceedings.
AGENCY TESTIMONY
Current financial status of NYC Health + Hospitals
0:11:06
·
82 sec
Dr. Katz presents a positive financial outlook for H+H based on current projections, highlighting increased revenue and a substantial cash balance. However, he notes that this outlook is based on the current funding situation.
- Projecting to close FY2025 with $598 million cash balance
- Patient care revenue up $779 million through March compared to previous year
- Emphasis on billing insurance companies rather than patients directly
Mitchell Katz
0:11:06
We're going to close fiscal year twenty five with a cash balance of $598,000,000 which is twenty days of cash on hand.
0:11:16
It's not what most private systems run at.
0:11:19
They usually run at six months cash on hand.
0:11:22
But for us it's doing well.
0:11:25
We are breaking even.
0:11:28
We closed March having produced $167,000,000 more due to patient care revenue.
0:11:36
And again, we're not interested in billing patients, but we're very interested in billing insurance companies and we are quite aggressive at doing so.
0:11:47
Our direct patient care revenue through March is $779,000,000 higher than the previous year.
0:11:56
But again, I'll point out that's because the people have a source of insurance.
0:12:02
If the people have no source of insurance, there's nobody to bill.
0:12:07
And so the increases that we've been, the fact that health and hospitals over the last seven and a half years has learned how to successfully bill insurance companies so that city can get great services for its patients without having to spend its own tax levy will not be able to continue.