Care New England chief financial officer confident in strong fiscal year finish

PROVIDENCE – Care New England Health System is well positioned to continue its strong fiscal performance throughout the rest of 2024, says Chief Financial Officer Todd Conklin.

The state’s second-largest health system posted a $1.9 million gain in the second quarter of fiscal 2024, up from last year’s $6.1 million operating loss, according to unaudited financial statements.

This comes after the health system reported a $566,145 operating gain in the first quarter.

Conklin said continued growth in clinical services during the most recent quarter has boosted the health system’s finances. Specifically, Care New England has seen more emergency room, inpatient and outpatient surgical visits, as well as neonatal intensive care and behavioral health patients.

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Net patient service revenue rose to $302 million for the quarter, up from $266.5 million reported last year and $294.9 million in the first quarter of 2024.

Along with patient services, Care New England has made improvements to its supply spending by reaching an agreement with the Captis Group Purchasing Organization/Aggregation Group. The group purchasing agreement was reached in August 2023 and it works by combining the purchasing power of several companies, including Care New England, to get better prices on supplies.

Conklin says he’s confident the health system will continue its positive momentum throughout the rest of the fiscal year. He pointed out renovations to Women & Infants Hospital’s labor and delivery unit, as well as a short-stay unit at Butler Hospital that will be completed this summer, which he says will continue to drive clinical service growth and help improve operating margins.

“We’re really focusing on efficiency,” Conklin said.

Katie Castellani is a PBN staff writer. You may contact her at Castellani@PBN.com.