The health system had a total operating deficit of $43 million in the first quarter, compared to a deficit of $141 million in the same quarter of last year, when Northwell’s operating margin was a loss of 1%.
A spokeswoman said the health system’s operating loss through the first quarter was in line with expectations. The loss accounted for the second wave of COVID-19 cases that hit the city as well as expenses associated with vaccination efforts, she said.
However, Northwell posted strong gains in its nonoperating activities, which boosted its overall financial standing. Investment income in the first quarter more than doubled, to $86 million, and the health system also saw a gain of $16 million in investments it holds in other companies, also known as equity method investments. This compares with a loss of $584 million in its equity method investments in the first quarter of 2020.
Including all nonoperating activities, Northwell had a gain of $297 million in the first quarter, compared with a loss of $710 million during the same quarter last year.
The health system has achieved an approximately $256 million increase in net assets. Its net assets as of March 31 were $5.1 billion.