Release Date: 11/29/2018
Obligated group achieves $6.6 million income from operations
Care New England Health System (CNE) announced today that in Fiscal Year 2018 its obligated group (CNE excluding Memorial Hospital) achieved income from operations of $6.6 million versus a budgeted loss of $2.1 million and the prior year loss of $47.1 million. Inclusive of Memorial Hospital, there was a consolidated loss of $29.8 million due to the incorporation of accounting rules for asset impairment and restructuring associated with Memorial’s closure. In total, Memorial Hospital lost $41.9 million in FY 2018.
“The year-end FY 2018 results represent a significant improvement in performance over the previous year,” said James E. Fanale, MD, president and CEO, CNE. “Our constant focus on targeting growth, action plan tracking, cost savings, and patient retention is clearly yielding the type of results we would expect. While we are pleased, we must remain focused on further improvement and moving forward our planned acquisition by Partners HealthCare. These results should not belie the fact CNE still has a weak balance sheet and needs a partner to help support critical capital investments.”