Lifespan Reports $14.6M Operating Earnings In Fiscal 2017

Nov 29, 2017

Credit RIPR

Lifespan, Rhode Island’s largest hospital system, reported it ended fiscal 2017 with operating earnings of $14.6 million.

In contrast, Care New England Health System, the state’s second-largest system, recorded three times that amount in losses. Nearly half of Care New England’s $47 million operating loss for fiscal 2017 is attributed to Memorial Hospital.

Lifespan, a nonprofit, reported increases in hospital occupancy rates, emergency room visits and clinic visits, especially at the Lifespan Cardiovascular Institute, Lifespan Cancer Institute and the Women’s Medicine Collaborative.  Laboratory and diagnostic imaging services also rose along with outpatient visits.

One weakness in Lifespan’s portfolio: Newport Hospital.  The community hospital reported a $9.8 million operating loss in Fiscal 2017. That’s compared with a $14.4 million operating loss in fiscal 2016.

Lifespan Fiscal 2017 operating earnings and losses (indicated in parentheses) include:

Rhode Island Hospital:  $15.1 million

The Miriam Hospital: $6.3 million

Bradley Hospital:  $1.3 million

Newport Hospital: ($9.8 million)

Gateway Healthcare ($5.2 million)