Ellis Medicine may have fallen into negative figures if it weren't for its investments during the first half of the year. According to reports to the company's bondholders, the City of New York Health System said that Ellis Medicine gained "revenue in excess of expenses".
The midyear profit amounted to US$1.3 million for the six months which ended June 30. Ellis garnered US$1.3 million due to certain one-time items, like gains from refinancing, which prevented the hospital from generating a revenue loss. Ellis' current income figure is 88% below from figures during last year's January to June financial report.
Additional employees, increased labor costs, and added expenses left the hospital with an operating loss of US$197,000. However, through investments, the hospital gained almost US$1.5 million.
Ellis Medicine is a health system based in Schenetady, New York. The hospital invested in ventured in several locations in the county. Ellis Medicine has a main acute care center on Nott Street and a health center located in Clifton Park.
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