Despite Challenging Payer Mix, Health System Grows
Yet, even with the tight reimbursement reality, Montefiore is not only holding its own, it is finding ways to grow.
"We've nonetheless managed to stay in the black and generate modest operating margins and do well enough that we can continue to reinvest in ourselves," Perlman says.
Executing a Growth Strategy
Part of that investment strategy has involved the acquisition of three regional hospitals over the past few years, which has helped Montefiore grow into a $4 billion system with 2,000 beds throughout six hospital campuses.
"We also have an ambulatory network that is one of the largest in the country," Perlman says. "Between primary care, specialty care, home health and related activities, we have about 100,000 admissions a year and 3.5 million patient visits a year."
Additionally, the acquisitions have broadened the system's service area to include the more affluent Westchester County, Perlman adds. "We are still Bronx-centric with about 80% of our business in the Bronx, but we are becoming increasingly relevant to healthcare in Westchester County just north of the Bronx."
The acquisitions are not only good for Montefiore—which is the university hospital for the Albert Einstein College of Medicine—but for its community, as well, Perlman says.
- CFO Exchange: Smartphones Poised to Disrupt Healthcare, Says Topol
- Antibiotic Overuse a 'Huge Threat' to Patient Safety, Says CDC
- Consumerism Drives Healthcare Branding, Rebranding Efforts
- 3 Traits Personality Assessments Can't Reveal
- PA Ranks See 'Phenomenal Growth,' Lack of Diversity
- CHS Hacked, 4.5M Patient Records Compromised
- CNO on Hospital Redesign: 'You Can't Over-Communicate'
- CFO Exchange: Healthcare Leaders Share 5 Innovative Ideas
- Large Employers Trimming Healthcare Spending
- How Digital Strategy Shapes Patient Engagement at Boston Children's Hospital