Burlington, Mass.-based Lahey Health reported an operating loss in the first six months of fiscal year 2017 due to mixed patient volume results and higher expenses, according to unaudited financial documents.
In the six months ended March 31, Lahey posted a $37.3 million operating loss, widening from a $3.3 million loss in the same period a year prior.
While the hospital saw inpatient discharges increase 1.4 percent and length of stay increase 1.8 percent in the six-month period, its outpatient volumes sagged. Emergency department visits decreased year over year by 0.9 percent and ambulatory surgical cases fell 4.5 percent in the same period.
Although increases in discharges and private duty billable hours pushed Lahey Health's operating revenue up 1.3 percent year over year to $1.01 billion in the six-month period, it saw its expenses rise.
The health system reported a 4.7 percent year over year increase in operating expenses to $1.04 billion. Lahey attributed the rising expenses to employee salaries and benefits, supply and pharmaceutical costs.