Nassau Health Care Corporation sees financial improvements

The Nassau Health Care Corporation has made significant strides in its financial health over the past year, according to an annual independent audit conducted by Grant Thornton, a leading national public accounting firm. The audit revealed that the corporation has achieved over $100 million in operational improvements and nearly tripled its cash on hand in 2024.

The audit, which examined the corporation’s 2023 financial statements, attributed these positive changes to the comprehensive Financial Sustainability Reform Plan implemented by NHCC Chairman Matthew Bruderman last year. The plan included updates to the hospital’s billing and collections processes, financial standards and practices, quality controls, and information technology systems.

“The numbers don’t lie,” Interim President and Chief Executive Megan Ryan said. “NHCC has made tremendous progress to enhance our financial health and ensure we move toward long-term fiscal sustainability. This independent audit proves our reforms are producing real results, but it also reinforces that we still require state aid to maintain the critical services we provide to patients who cannot pay for care. We need a runway to continue our transformation plan.”

The Grant Thornton audit and related financial reports highlighted several positive trends for the health care corporation including: cash on hand increased from $23 million in January 2024 to $67 million in June; net patient service revenue rose by $76 million in 2023, from $460 million in 2022 to $536 million in 2023; operating loss was reduced by $30 million in 2023, from $108 million in 2022 to $77 million in 2023; and overtime costs were reduced by $4 million from 2022 levels.

The progress toward fiscal health for corportation and its Nassau University Medical Center has continued into 2024, with the corporation’s cash on hand nearly tripling between January and June of this year.

“The goal of these reforms, which have helped save more than $100 million in recent months, is to ensure that ultimately NHCC requires less assistance year after year,” Ryan said. “While challenges remain, we are determined to continue to address them head-on.”

“This tremendous success, as evidenced by the Grant Thornton audit, is a result of the support of our board, the tireless work of Interim President and CEO Meg Ryan, our new Chief Financial Officer, the Marwood Group, and many others who embraced the changes we’ve made in our operations,” NHCC Chairman Matthew Bruderman said. This clearly proves that NUMC can not only survive but thrive. The improvements and the results of our plan are just now being realized. More to come as Meg Ryan and her team are making great strides in patient care experience and employee engagement.”

“The great outcome of the audit does not negate the continued need for state aid and higher Medicaid reimbursement rates to ensure we continue to provide the best care for our community, regardless of their ability to pay,” Ryan said. “Nassau needs NUMC, and while we wait for Albany to recognize that, our team will continue to ensure we protect this vital institution for the more than 275,000 patients who rely on our care every year.”