Worcester, Mass.-based UMass Memorial Health Care posted a profit of $27.9 million in its 2011 fiscal year, down roughly 67 percent from last year and down from its projected surplus figure of $62.7 million, according to a Telegram & Gazette report.
The healthcare system attributed the lower earnings to investment losses, higher salary costs and lower revenue from lab services, according to the report. UMass Memorial CFO Todd Keating said it lost $10 million in its investment portfolio due to the sluggish markets this past summer and fall.
UMass Memorial's overall net patient service revenue totaled $2.23 billion this past fiscal year, up 4 percent from 2010.
The healthcare system attributed the lower earnings to investment losses, higher salary costs and lower revenue from lab services, according to the report. UMass Memorial CFO Todd Keating said it lost $10 million in its investment portfolio due to the sluggish markets this past summer and fall.
UMass Memorial's overall net patient service revenue totaled $2.23 billion this past fiscal year, up 4 percent from 2010.
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