Boston-based Mass General Brigham, formerly Partners HealthCare, reported an operating loss in the fiscal year ended Sept. 30, according to recently released financial documents.
The health system reported operating revenues of $14.06 billion in fiscal year 2020, up from $13.95 billion a year earlier. Net patient service revenue was down 5.3 percent year over year.
After factoring in expenses, which climbed more than 6 percent year over year, Mass General Brigham ended fiscal 2020 with an operating loss of $350.5 million. That's compared to fiscal 2019, when the system reported operating income of $381.8 million.
The health system took several steps to help offset financial damage from the COVID-19 pandemic, including reducing capital expenditures by roughly $550 million and cutting executive compensation earlier this year. It also received $546.4 million in grants made available under the Coronavirus Aid, Relief and Economic Security Act in fiscal 2020, according to the financial documents.