Memorial Sloan Kettering Cancer Center (MSK) issued the following statement today regarding financial results for the six months ended June 30, 2023:
MSK’s financial performance for the six months ended June 30, 2023, demonstrated continued improvement in operating results which we attribute to our ongoing financial recovery plans, clinical growth and expense management.
Our adjusted operating cash flow margin increased to 5.3% from 2.9% in the first quarter due to strong patient activity and expense management. Patient revenues increased 18.7% compared to the first six months of 2022 while total operating expenses rose just 8.2% in supporting additional patient activity.
MSK is executing a financial recovery plan that anticipates the judicious use of reserves as margins improve over time. As a result of patient access initiatives and cost control measures, our operating cash flow was better than forecasted. We are optimistic that initiatives to expand patient access and manage expenses will lead to continued improvement in operating results going forward.
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.