Memorial Sloan Kettering Cancer Center (MSK) issued the following statement regarding its first quarter 2023 financial results today:
MSK’s financial performance in the first quarter of 2023 instills confidence that by following the sound financial strategy we have put in place we will achieve our financial recovery as planned.
Our adjusted operating cash flow margin was above planned levels and increased to 2.9% due to strong patient volumes and expense management. Patient revenues increased 15.8% compared to the first quarter of 2022. MSK is executing a financial recovery strategy that anticipated the judicious use of reserves to offset an expected Q1 operating loss. As a result of increased patient activity and effective cost control measures, our operating loss was better than forecast.
Operating losses continue to be driven by high labor and supply costs as well as $10.9 million in one-time cost reductions. The overall growth in operating expenses were mitigated by ongoing expense management efforts.
We are optimistic that initiatives to expand patient access, manage expenses and strengthen marketing will lead to continued improvement in operating results in 2023.
For more information, please see instructions to access our financial disclosure report available at https://www.dacbond.com/ or https://www.mskcc.org/public-notices/financial-information.