Release Date: 08/14/2018
Obligated Group achieves $4.6 million gain from operations CNE as a whole recorded positive gain from operations of $.8 million for quarter
Care New England Health System (CNE) announced today that for the FY 2018 third quarter (April 2018-June 2018) its Obligated Group (CNE excluding Memorial Hospital) achieved income from operations of $4.6 million compared to a $6.5 million loss for the same quarter last year. Overall consolidated financial improvement (including Memorial Hospital wind-down) for the third quarter was $7.3 million better than the same quarter last year.
“The financial information reported today continues to show that the focus, strategic planning, and dedication of staff across CNE is making a significant impact,” said James E. Fanale, MD, president and CEO, CNE. “We continue to make important strides in our clinical and academic partnership efforts and look forward to building off this positive momentum as we remain focused on quality, service, and access.”
Specifically, successful implementation of growth initiatives and cost management has been very effective. Action plan tracking, daily productivity monitoring, and revenue cycle improvements are making an impact on performance. More initiatives targeting growth, leakage, access, cost savings, and patient retention are ongoing.
Overall during the first nine months of FY 2018, the Obligated Group has improved gains from operations every quarter as follows: Q1-$8.7 million loss, Q2-$4.4 million gain, and Q3-$4.6 million gain. The financials for the first nine months of FY 2018 for the Obligated Group has improved $46.8 million from the same nine-month period last year.
Of note, Butler, Kent, and Women & Infants hospitals and the VNA of Care New England are all profitable from operations through the third quarter ending June 30, 2018.