While Providence, R.I.-based Care New England Health System lowered operating expenses during fiscal year 2018, the health system ended the year with a net loss.
Care New England's revenues, which remained relatively unchanged year over year, totaled $1.3 billion for the fiscal year ended Sept. 30, according to audited financial documents.
At the same time, the health system saw expenses fall year over year. Care New England recorded operating expenses of $1.18 billion in fiscal 2017, compared to $1.16 billion in fiscal 2018. While the health system saw its labor and supply costs fall in fiscal 2018, it also recorded a $29.7 loss on asset impairment and restructuring costs related to the closure of Pawtucket, R.I.-based Memorial Hospital during the second quarter of 2018.
Care New England ended fiscal 2018 in the red after including nonoperating losses, which in fiscal 2018 included a $31.1 million pension settlement — $19.1 million of which involved Memorial Hospital employees. The health system reported a net loss of $47.6 million in fiscal 2018, widening a $19.9 million loss recorded in the year prior.
The health system also reported an operating loss of $26.9 million in fiscal 2018, an improvement from a loss of $44 million in the year prior.
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