PROVIDENCE – The Lifespan network posted a net gain of $102.22 million for fiscal 2007, an increase of 65.62 percent from the year-ago $61.27 million, on total operating revenue that rose 4.13 percent to $1.41 billion.
By comparison, the nonprofit health care system last year posted a 13.4-percent decline in net income, despite total revenue that rose 6.9 percent in fiscal 2006. (READ MORE)
Net patient service revenue increased 4.90 percent to $1.24 billion in FY 2007, from the year-ago $1.19 billion, after growing 6.84 percent the year before, while research funding shrank 3.08 percent to $66.48 million, reversing the previous year’s 2.68-percent growth, Lifespan said.
Operating expenses grew 4.43 percent to $1.36 billion, slowing from the preceding year’s 7.1-percent growth. Expenses for charity care and other community benefits amounted to $96.74 million, including $43.79 million in net costs for medical education, $39.28 million for uncompensated care (charity care, community health and benefit services and subsidized health services) and $13.66 million in research costs.
The number of employees systemwide grew to 11,629 at the end of the fiscal year on Sept. 30, 2007, a 4.39-percent increase from the year-ago 11,140, Lifespan said. But the number of licensed beds was unchanged at 1,155, after falling 1.0 percent in fiscal 2006.
Patient discharges increased 5.21 percent to 55,752, after edging up 0.6 percent the year before to 52,993. Emergency department visits grew 4.70 percent to 219,499 in fiscal 2007, slowing from the previous year’s 5.64-percent rise. Outpatient visits were essentially unchanged at 299,862, after rising 2.61 percent the year before. Home health care visits also were essentially unchanged at 19,671 in fiscal 2007, compared with 19,659 the year before.
The annual report for the year ended Sept. 30 – distributed this week – also included financial summaries for each of Lifespan’s hospital affiliates.
• Rhode Island Hospital and its Hasbro Children’s Hospital division saw research funding and net patient revenue rise 4.68 percent to $854.64 million – $809.58 million in patient revenue and $45.05 million in research revenue – from $816.42 million the year before. The hospitals had 719 licensed beds and 1,452 affiliated physicians.
• The Miriam Hospital saw patient and research revenue rise 4.64 percent to $302.66 million – $282.81 million in net patient-service revenue and $19.86 million in research funding – from the year-ago $289.25 million. The hospital had 247 beds and 874 physician affiliates.
• Emma Pendleton Bradley Hospital saw patient plus research revenue grow 4.44 percent to $52.63 million – $51.06 million in net patient revenue and $1.57 million in research funding – from $50.39 million in fiscal 2006. It had 60 beds and 35 affiliated physicians.
• Newport Hospital – a non-research institution – saw net patient service revenue rise 1.93 percent to $101.71 million from the year-ago $99.78 million. It listed 129 beds and 280 affiliated physicians.
“Lifespan hospitals enhanced their facilities throughout 2007,” network CEO George A. Vecchione and Chairman Alfred J. Verrechia noted in a joint letter. “The Miriam Hospital opened The Victor and Gussie Baxt Building,” they said, while Newport Hospital began offering digital mammography, a “potentially lifesaving diagnostic technology; the Hasbro pediatric rehab department relocated to a new, larger facility; “and Bradley Hospital opened Hill House, the hospital’s fifth residential home.”
Yet, they wrote, all of Lifespan’s advances in facilities, technology, staffing and research “support the profound, essential and elemental relationship of medicine: that of a physician and a patient.”
The health system continues to pursue its proposed merger with Care New England, which gained Federal Trade Commission approval last December (READ MORE), and this summer gained the “full support” of Lifespan’s largest employee bargaining unit, Teamsters Local 251. (READ MORE)
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Lifespan is a nonprofit health care system that includes The Miriam, Bradley, Newport and Rhode Island/Hasbro Children’s hospitals. Additional information is available at www.lifespan.org.
