For the second year in a row, Mount Sinai Medical Center’s mission-driven operations have brought positive earnings and reinforced the medical center’s strong image as a healthcare leader and community resource. Despite the challenging healthcare and economic environment, the most recent audit conducted by Deloitte and Touche and posted on March 25, 2011, reports nearly $26 million in profit for the medical center in 2010, up from $13.8 million in 2009.
According to auditors, Mount Sinai’s strong net revenue performance was primarily driven by an increase in patient volume with an overall increase in inpatient admissions of 5.6 percent over the prior year. The Mount Sinai Heart Institute, a partnership with New York’s Columbia University, continued to produce strong cardiac surgical volume, showing an increase of 8.3 percent. In addition, diagnostic cardiac catheterization procedures increased by 12 percent and angioplasties by 25 percent. The Florida Agency for Health Care Administration (AHCA) data shows that Mount Sinai continues to be the area’s leader in cardiovascular care. Mount Sinai has the best surgical outcomes in South Florida among facilities that perform a high volume of complex cases. In addition, Mount Sinai’s cardiac surgeons perform the most heart valve surgeries in the state of Florida.
Mount Sinai’s emergency room visits increased by 3.8 percent, as compared to 2009, driven by the freestanding emergency room in Aventura which showed a 6.6 percent increase in visits over the prior year.
Michael M. Adler, chairman of the Mount Sinai Medical Center Board of Trustees, credits “leadership’s focus on high quality, cost effective care, the breadth and depth of our outstanding medical staff, diligent financial stewardship, and ongoing philanthropic support,” as key reasons for the hospital’s ongoing success.
Mount Sinai exercised effective control of its operating expenses while expanding its presence in the community. The medical center’s expenses showed a decrease from $509.7 million in 2009 to $505.4 million in 2010. During this same period, the medical center added two satellite facilities, a Hialeah cardiac and internal medicine practice and a diagnostic center in Coral Gables, giving the community a total of six locations to access Mount Sinai quality care.
Philanthropy has always been an important part of Mount Sinai’s history and success, and it was evident in 2010, as donors continued to pledge their support to the medical center. “Mount Sinai was established with the help of visionary community leaders and philanthropists who identified the need for quality healthcare in our community,” said Steven D. Sonenreich, president and C.E.O. of Mount Sinai. “Those same principles hold true today as we remain committed to carrying out our lifesaving mission.”
In 2010, Mount Sinai was once again recognized by U.S.News & World Report among the best hospitals in America and also earned the highest level of accreditation possible for the treatment of chest pain from the Society of Chest Pain Centers. Mount Sinai is one of only two hospitals in Miami-Dade and one of three in South Florida to receive the Cycle III with PCI (percutaneous coronary intervention) accreditation. The medical center continues to be a leader in medical research and committed to its teaching program training 160 residents and fellows in 19 medical specialties.
Consistent with its mission, Mount Sinai provided nearly $40 million in charity care costs in 2010, compared to $35 million in 2009. Mount Sinai remains dedicated to the health and wellbeing of the South Florida community, demonstrated by its ongoing efforts to make healthcare more accessible, while providing the latest treatment options as a world-class healthcare provider.
ABOUT MOUNT SINAI MEDICAL CENTER
Founded in 1949, Mount Sinai Medical Center is the largest independent, private, not-for-profit teaching hospital in South Florida. Mount Sinai’s Centers of Excellence combine technology, research and academic, to provide innovative and comprehensive care in cardiology, neurology, oncology and orthopaedics. One of a select few statutory teaching hospitals in the state of Florida, Mount Sinai is the hospital of choice for those who seek the level of expertise and care that only a teaching hospital can offer. The medical center’s commitment to quality has garnered prestigious recognition, including designation in 2010-11 as one of America’s Top Hospitals by U.S.News & World Report.