NewYork-Presbyterian Promised to Serve Our Communities — But Are They Keeping Their Promises?
Millions in Tax Breaks While Maximizing Profits
NewYork-Presbyterian (NYP) has long claimed to serve New Yorkers, but their financial actions tell a different story. Despite receiving millions in tax breaks — more than any other hospital in New York City — NYP is falling short of its commitments to our communities.
- $184 Million in property tax exemptions alone, the highest of any hospital in the city.
Source: Considering Payments in Lieu of Taxes from Tax-Exempt Hospitals and Universities, Center for New York City Affairs at the New School, May 2024.
- Skyrocketing Costs: For routine procedures like MRIs or endoscopies, NYP costs more than double the city average. For a simple colonoscopy, NYP costs $13,000 compared to $3,400 at Lenox Hill Hospital.
Source: NASHP 2022 Hospital Cost Tool, Medicare Cost Report Data (HCRIS), accessed 8/28/24 on Sage Transparency 2.0 Dashboard. New York Anthem machine readable files downloaded on August 29, 2024.
- Unjustified Profits: NYP is the wealthiest hospital system in New York State, with an $11 billion asset base, nearly double that of any other system. Despite this wealth, costs for common procedures remain exorbitant.
Source: New York Presbyterian annual audited financial statements for FY 2022, downloaded from EMMA MSRB April 2024.
Maximizing Profits
New York-Presbyterian’s focus on profit is clear. While they receive generous tax relief intended to benefit our communities, NYP continues to charge some of the highest prices in the state, placing an undue burden on working New Yorkers and local businesses.
- Price for a Birth: Over $60,000 at NYP—almost double the average cost in New York City.
Source: RAND 5.0 using 2020-2022 data.
- Commercial Rates: Prices at NYP facilities are significantly higher than the average rates across the city, making healthcare increasingly unaffordable for many.
Source: NASHP 2022 Hospital Cost Tool, Medicare Cost Report Data (HCRIS).
Broken Promises and Unjust Demands
NYP doesn’t just charge exorbitant prices; they also clash with those who care for their patients. The hospital system has been in disputes with nurses and made unreasonable financial demands on a union health plan.
- Fighting Nurses: NYP is battling its own nurses who are essential to patient care.
Source: New York Times: “A Nurses’ Union Flexed Its Power. One Hospital Is Pushing Back.” August 2024.
- Hefty Financial Demands: The 32BJ Health Fund excluded NYP from its network to reduce costs but were later told NYP was demanding a significant payment from the Fund to keep it that way.
Source: Wall Street Journal: “Hospital to Union: Pay Up or You’re Stuck With Us in Your Health Plan.” August 2024.
