UMass Memorial Health Care, a five-hospital system based in Worcester, Mass., ended fiscal year 2014 with a $53.8 million surplus on $2.3 billion in revenue.
The system's operating performance in fiscal 2014 was a positive improvement as it recorded an operating loss of $57.3 million on $2.1 billion in revenue in fiscal year 2013.
UMass experienced a slight increase in overall expenses, growing from $1.67 billion in fiscal 2013 to $1.69 billion in 2014.
Although the system experienced a decrease in discharges and emergency room visits in fiscal 2014, its revenue still increased due to a $52.4 million bump in Medicaid supplemental payments and a $51.7 million decrease in the amount of free care it provided in 2014.
In fiscal 2013, UMass sold its clinical outreach and anatomic pathology outreach lab businesses to Quest diagnostics, which led to the system posting a net surplus of $72.9 million. Without that added gain, UMass reported a lower net surplus for fiscal 2014 of $60.8 million.
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