Release Date: 07/29/2019
Care New England Health System announced today that for Fiscal Year 2019, third quarter (April-June), the System achieved income from operations of $7.4 million, a $13.2 million improvement from the second quarter.
“The third quarter results are a tremendous success for CNE,” said James E. Fanale, MD, president and CEO. “It represents incredibly hard work by our dedicated staff, focused management, detail to action planning, and strong operational execution. While this is a significant accomplishment, it must be emphasized that in order to continue this positive momentum, our perseverance and dedication must be sustained. CNE is moving forward for a stronger, healthier future for our staff, community, and our patients. Today’s announcement is further proof of that effort.”
To date, CNE, inclusive of Memorial Hospital, has recorded income from operations of $2.3 million, $1.6 million better than budget. Without Memorial, the System recorded income from operations for the past nine months of $4.9 million, $147,134 better than budget and in comparison to $1.8 million income from operations through the third quarter in FY 2018.
The greatest financial challenges facing the system this year include patient volumes, specifically, NICU, medical/surgical, obstetrics, and deliveries. However, action plans are stabilizing these patient trends, as well as the careful management of appropriate staffing to the patient volume levels. Additionally, action plans across the system are all addressing the critical components of quality, service, and access.