Boston-based Tufts Medicine posted a $40.7 million operating loss (-7.9% margin) for the three months ended June 30, improving on the $61.9 million loss (-9.6% margin) reported in the same period during 2023, according to financial documents published Aug. 30.
Revenue for the quarter increased 0.8% year over year to $636.6 million while expenses grew by 3.5% to $721.9 million. Salaries and wages decreased 0.5% to $317.9 million and employee benefits increased 3.3% to $71.6 million
Tufts posted a net loss of $68.9 million for the quarter, compared to a net loss of $61.6 million in the same period last year.
Andrew DeVoe, former CFO of San Diego-based Sharp HealthCare, took over as Tufts CFO in mid-February.
"We've changed the way we look at our financials," Mr. DeVoe told Becker's. "We're looking at them more from a quality-of-earnings perspective, meaning we try to take out any one-time events. We received over half a billion dollars during the COVID era, that kind of masked some of the financial, operational challenges that we've had."
This year, Tufts is projected to lose about $245 million, and next year's business plan projects a loss of about $65 million, according to the health system.
"We have the right trajectory going, but it is focusing on getting detailed business plans for each initiative," Mr. DeVoe said. "We are very confident that we will meet or exceed that budget next year."