UMass Memorial Medical Center saw revenues increase during its most recent financial quarter, but losses on investments dragged down the Worcester, Mass.-based system's bottom line.
UMass Memorial reported total revenues of $646.9 million in the three months ended Dec. 31, according to unaudited financial documents. That's up 2.4 percent from $631.6 million reported in the same period a year prior. For the most recent fiscal year, UMass Memorial adopted a new accounting standard under which its provision for bad debts is no longer a separate line item and net patient service revenue is presented differently.
Expenses were also up for the three-month period ended Dec. 31 to $649.8 million, a 2.9 percent increase from the same period a year prior. UMass Memorial attributed the uptick to increases in labor and supplies costs.
Nonoperating losses for the three-month period in 2018 totaled $34.2 million, compared to nonoperating income of $11.6 million in the same period a year prior. After accounting for nonoperating results, UMass Memorial ended its most recent quarter with a $37.1 million net loss, compared to net income of $11.7 million in the comparable period a year prior.