Providence, R.I.-based Care New England Health System is continuing its financial turnaround after closing Pawtucket, R.I.-based Memorial Hospital.
The health system posted $282.6 million in revenue in the first quarter of fiscal year 2019, according to recent financial documents. That's up from $278.2 million in the first quarter of 2018, thanks in part to an uptick in patient revenue.
Care New England shaved its expenses in the first quarter of 2019 to $281.9 million, down from $311.9 million in the same period a year prior.
"Action plan implementation, daily productivity monitoring, and revenue cycle improvements are making an impact on performance," the system said in its financial documents. "Management plans to continue to implement more initiatives targeting growth, leakage, access, cost savings, and retention to stabilize and grow patient activity levels and improve operating gains."
As a result, when including Memorial Hospital, Care New England turned around a $33.7 million operating loss in the first quarter of 2018 to a $721,033 operating gain in the first quarter of 2019. When excluding Memorial, Care New England posted operating income of $1.6 million in the most recent quarter, up year over year from an $8.5 million operating loss.
The greatest challenges affecting Care New England's financial performance in fiscal 2019 are patient volumes, specifically medical/surgical, obstetric, deliveries and neonatal intensive care unit volumes, according to the documents. The health system said it has action plans in place to address these challenges.