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Audit Confirms NUMC Reforms Cut Projected Budget By More Than $100 Million and Nearly Triples Its Cash in the Last Six Months

Audit Demonstrates Nassau’s Largest Hospital Remains Viable, Will Rely on Less Aid to Cover At-Risk Patients Over Time

(East Meadow, NY) – The prescription is working. The annual independent audit conducted by Grant Thornton, a leading national public accounting firm, found that Nassau Health Care Corporation (NHCC) has made significant improvements to its financial position over the last year. The corporation has realized more than $100 million in operational improvements and has tripled its cash on hand in 2024.

The audit, which assessed the public health care corporation’s 2023 financial statements, found that NHCC is realizing significant positive impact from the comprehensive Financial Sustainability Reform Plan put forward by NHCC Chairman Bruderman last year. That reform plan updated the hospital’s billing and collections processes, financial standards and practices, quality controls, and information technology systems among other operational improvements.

Megan Ryan, Esq., Interim President and CEO of NHCC, stated, “The numbers don’t lie. 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 positive trends detailed in Grant Thornton’s audit and related financial reporting include:

  • Tripling of cash on hand from $23 million in January, 2024 to $67 million in June.
  • Increase in net patient service revenue by $76million in 2023, from $460 million in 2022 to $536 million in 2023.
  • Sizable reduction in operating loss by $30M in 2023, from $108 million in 2022 to $77 million in 2023.
  • Reduction of overtime by $4 million from 2022 levels.

The progress toward fiscal health for NUMC and NHCC has continued in 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. While challenges remain, we are determined to continue to address them head-on,” Ryan said.

“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 so many others who embraced the changes that we’ve made in our operations. This clearly proves that NUMC cannot only survive, but thrive (despite the lack of state funding),” stated NHCC Chairman Matthew Bruderman. “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,” Bruderman added.

“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. 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,” Ryan added.

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