Partners HealthCare, a Boston-based integrated healthcare system, reported a $22 million loss for the fiscal year that ended Sept. 30, which was the first time the system had posted a loss since 1999, according to The Boston Globe.
The report attributes the losses to financial woes at Boston-based Neighborhood Health Plan, a nonprofit health plan that Partners acquired in 2012, which lost $110 million in the last liscal year.
According to the report, Partners cites a variety of factors that caused the insurance losses, including additional new patients, the high cost of new drugs and issues with Massachusetts' exchange, Health Connector.
As of earlier this month, Partners was contemplating finding a new partner to help finance Neighborhood, which primarily serves Medicaid patients, or selling the insurer, according to the report.
Although Partners lost $22 million last fiscal year, its revenues totaled $11 billion, according to the report.