Care New England Releases Fiscal Year 2020 First Quarter Financial Results
Care New England Health System (CNE) announced today that in Fiscal Year 2020, first quarter (October-December) the System realized a loss of $4.5 million from operations versus a budgeted loss of $3.0 million. Including non-operating activity (primarily investment gains), the System ended the first quarter with excess of revenue over expenses of $5.5 million.
The greatest financial challenges facing the System this year are patient volumes at Women & Infants Hospital and Kent Hospital. However, Butler Hospital and the entire behavioral health service line are experiencing substantial increases in demand for services.
“We know we have work to do,” said James E. Fanale, MD, President and CEO. “We are diligently working with leadership across the System on various process and operations improvement initiatives, implementing action plans, and targeting areas for growth opportunities to help build a healthy financial future. Additionally, we are working hard to provide better, timely access to our programs and services.”
About Care New England
Care New England Health System is a trusted organization that fuels the latest advances in medical research, attracts the nation’s top specialty-trained doctors, hones renowned services and innovative programs, and engages in the important discussions people need to have about their health and end-of-life wishes. Care New England is helping to transform the future of health care, providing a leading voice in the ongoing effort to ensure the health of the individuals and communities we serve.
CNE was founded in 1996, and today it is the parent organization of Butler Hospital, Kent Hospital, Women & Infants Hospital of Rhode Island, Care New England Medical Group, the VNA of Care New England, The Providence Center, and Integra, a certified accountable care organization (ACO). Care New England includes 970 licensed beds and 216 infant bassinets. Through Butler, Kent, and Women & Infants hospitals, Care New England has a teaching and research affiliation with The Warren Alpert Medical School of Brown University. Kent is also a teaching affiliate of The University of New England College of Osteopathic Medicine.