Boston-based Tufts Medical Center reported higher revenue and operating income in fiscal year 2016 than in the year prior.
The hospital posted revenue of $974.5 million in FY 2016, up from revenue of $915.1 million in FY 2015. The financial boost was attributable to higher net patient service revenue as well as an increase in revenue from research and other sponsored programs, according to recently released bondholder documents.
Tufts reported operating expenses increased 5 percent year over year to $977.18 million in FY 2016. The hospital saw expenses related to salaries and wages increase 7.2 percent and supplies costs climb nearly 5 percent year over year.
Tufts ended FY 2016 with an operating loss of $2.64 million, compared to an operating loss of $15.37 million in the year prior. Tufts President and CEO Michael Wagner, MD, previously attributed the hospital's FY 2015 loss to one-time expenses, such as more than $1 million the hospital spent to train staff and buy supplies to prepare for possible Ebola cases. Tufts also spent millions of dollars in FY 2015 on consulting and legal fees for a deal with Boston Medical Center that fell through.
After factoring in nonoperating revenue and expenses, Tufts recorded a net income of $14.85 million in FY 2016, up from a net loss of $16.83 million in FY 2015.
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