A report by the Rhode Island Department of Health found that while the financial performance of acute-care hospitals in the state improved as a whole in 2009, all six of the state's independent hospitals continued to show struggling financials, according to a Department of Health news release.
The report, "The Health of Rhode Island's Hospitals (2009)", shows that overall, the financial performance of the 13 acute-care hospitals in the state improved in 2009, increasing their collective profit margin, operating margin and available cash. State-wide net income grew from $3.5 million in 2008 to $7.8 million in 2009; however, investment losses increased.
However, facilities in the Care New England and Lifespan systems demonstrated significantly stronger financial stability than the six independent hospitals. In 2009, Landmark Medical Center in Woonsocket operated under the control of a court-appointed special master, and the financial position of St. Joseph Hospital in North Providence continued to worsen. In 2009, St. Joseph became technically insolvent, and began operating with Roger Williams Hospital under the CharterCare affiliation.
"Rhode Island's 13 hospitals are a $3.2 billion-dollar industry with an annual payroll of more than $1.8 billion," Rhode Island Director of Health David R. Gifford, MD, MPH, said in the release. "As healthcare continues to evolve, being financially solvent remains a challenge for all hospitals, especially for the independents. At the same time, these hospitals are critical to the state's healthcare system and to local economies."
Read the news release on Rhode Island hospitals.
Read the full report, "The Health of Rhode Island's Hospitals, 2009" (pdf).
The report, "The Health of Rhode Island's Hospitals (2009)", shows that overall, the financial performance of the 13 acute-care hospitals in the state improved in 2009, increasing their collective profit margin, operating margin and available cash. State-wide net income grew from $3.5 million in 2008 to $7.8 million in 2009; however, investment losses increased.
However, facilities in the Care New England and Lifespan systems demonstrated significantly stronger financial stability than the six independent hospitals. In 2009, Landmark Medical Center in Woonsocket operated under the control of a court-appointed special master, and the financial position of St. Joseph Hospital in North Providence continued to worsen. In 2009, St. Joseph became technically insolvent, and began operating with Roger Williams Hospital under the CharterCare affiliation.
"Rhode Island's 13 hospitals are a $3.2 billion-dollar industry with an annual payroll of more than $1.8 billion," Rhode Island Director of Health David R. Gifford, MD, MPH, said in the release. "As healthcare continues to evolve, being financially solvent remains a challenge for all hospitals, especially for the independents. At the same time, these hospitals are critical to the state's healthcare system and to local economies."
Read the news release on Rhode Island hospitals.
Read the full report, "The Health of Rhode Island's Hospitals, 2009" (pdf).