Lifespan ends year with $500K loss

PROVIDENCE – Lifespan Corp. ended fiscal 2016 with a better-than-expected bottom line, almost breaking even with a $500,000 operating loss, according to a memo to employees from President and CEO Timothy J. Babineau.

In a brief financial update Nov. 17, Babineau called the figure “an extraordinary accomplishment” in the current health care environment. The nonprofit, which had a nearly $2 billion budget in fiscal 2016, had ended the previous fiscal year with a $33 million loss.

The recently completed fiscal 2017 budget projects a $5 million surplus, Babineau reported.

“We must continue our 100 percent team effort to control our expenses going forward since we continue to face downward pressure on our reimbursement rates,” Babineau said.

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Lifespan is the largest private employer in Rhode Island, and in 2014 was ranked third in the state for revenue with $1.9 billion, according to the Providence Business News Book of Lists. •

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