Release Date: 05/15/2019
Care New England Health System (CNE) announced today that in the second quarter of Fiscal Year 2019 (Jan - March 2019), its obligated group (CNE operating units excluding Memorial Hospital) reported a $4.6 million loss from operations due primarily to a $5.4 million loss at Women & Infants Hospital, because of volume decline in the neonatal intensive care unit (NICU) However, Butler Hospital, Kent Hospital, and the VNA of Care New England had positive second quarter gains of $3.2 million collectively. Year-to-date, the obligated group experienced a $3 million loss from operations, $.6 million below budget.
CNE as a whole recorded a loss from operations of $5.8 million in the second quarter. Year-to-date, CNE incurred a loss from operations of $5.1 million, which is slightly better than the budget of $5.2 million. Of note, the Memorial Hospital campus accounts for $2.1 million of that loss.
“Our focus remains firmly on operational improvement plans including quality, access, and financial performance,” said James E. Fanale, MD, president and CEO, CNE. “Health care is a volatile industry but we continue to aggressively assess, implement, and amend our turnaround plans to meet these demands head on. We believe with this sharp focus and the commitment of all those here at CNE, we will see further improvement and achieve our overall budget.”