BUFFALO, N.Y. — Catholic Health saw a significant drop in profitability through second quarter, reporting a negative operating margin of 2.7 percent for its hospital business in a report to its bondholders.
The Buffalo-based system reported a $16 million deficit, down from earnings of $13.1 million during the same period last year. The system had budgeted for a $2.4 million surplus. Poor performance was balanced by non-operating revenue and investment income, which nearly zeroed out the deficit.
While nonprofit hospitals are not required to file their financial data like public institutions that file with the Securities and Exchange Commission, those like Catholic Health that have financed development projects through municipal bonds must update those bondholders quarterly in publicly-available reports. You can read the full story on Buffalo Business First's website.
