PROVIDENCE – Care New England reported a $6.5 million operating loss for its fiscal third quarter through June, with the health care provider reporting losses of $4 million in April, $2.2 million in May and $300,000 in June. In the fiscal 2016 third quarter, CNE posted an operating loss of $4.5 million.
The company reported revenue and gains of $283.4 million for the quarter, compared with $299.1 million in the same year-ago period.
Understanding Breast Health: The Vital Role of Annual Screenings
Breast health is a critical aspect of overall well-being, and regular screenings play a vital…
Learn More
Fiscal year-to-date, CNE reported a $46.4 million operating loss, which included losses of $26 million in the second quarter of fiscal 2017 and $13.9 million in the first quarter. Revenue and gains through the first nine months of fiscal 2017 totaled $832.8 million, a decline from $$866.9 million a year earlier.
“Despite the reported loss, Care New England’s third quarter represents a significant improvement of $19.5 million from just three months ago. Additionally, every month since February we have seen progressive improvement in operating income,” said James Beardsworth, a Care New England spokesperson.
Care New England said it has enough cash on hand to operate for 40.3 days, which it said was a concern and a decline of nearly 10 days of operation from the start of the company’s fiscal year.
“While we are pleased to be heading in the right direction, we know there is much more work to do for further improvement. We will continue to aggressively assess and implement all opportunities across CNE that serve to strengthen our financial stability while continuing to provide exceptional care to the community,” said Beardsworth.
Reports on the individual operating units of Care New England showed that nearly all of them have lost money through the first nine months of the fiscal year. Memorial Hospital posted an operating loss of $16.3 million year to date; Women & Infants Hospital has lost $10.4 million; Care New England Corporate has lost $9.8 million; Butler Hospital has lost $3 million; Integra Community Care Network LLC has lost $2.4 million; The Providence Center has lost $2 million; Kent Hospital has lost $1.3 million; VNA of Care New England has lost $1.2 million; and Care New England Medical Group broke even.
Thanks to gains on investments and other non-operating assets, through June 30 CNE had posted a decrease in unrestricted net assets of $24.6 million, compared with a decrease in unrestricted net assets of $17.4 million for the comparable year-ago period.
