Release Date: 02/13/2019
Care New England Health System (CNE) announced today that in the first quarter of Fiscal Year 2019 (October - December 2018), its obligated group (CNE operating units excluding Memorial Hospital) achieved a positive $1.6 million gain from operations versus an $8.7 million loss for the same quarter last year. This marks the fourth consecutive positive quarter of gains from operations.
CNE as a whole recorded a positive gain from operations of $0.7 million for the first quarter versus a budgeted loss of $4.6 million. In addition, CNE experienced non-operating losses attributed to investment performance due to market volatility.
“We continue to remain highly focused on the work at hand. While pleased with the results and increasing consistency in our improving performance, we are committed to executing our action plans and key strategies, while always looking to further improve how we care for our community which includes moving forward with our acquisition process,” said James E. Fanale, MD, president and CEO, CNE.