Losses mount for Clinton and Milford hospitals; other profits solid
UMass Memorial Medical Center had the area's largest profit of $43.2 million year-to-date, with a 3.1 percent operating margin.
The losses at UMass Memorial - Clinton Hospital and Milford Regional Medical Center have continued to mount as the rest of the area's hospitals remain on track, according to a report from a state agency that tracks hospital financials.
According to figures released today by the Massachusetts Center for Health Information and Analysis covering the year through June 30, UMass Memorial - Clinton Hospital reported a loss of $1.1 million, and a negative 6.6 percent operating margin. This news comes on the back of poor performance last year, when the hospital lost $1.2 million and reported a negative 4.6 percent operating margin.
The hospital’s parent company, UMass Memorial Health Care, is considering merging Clinton Hospital with its more profitable UMass Memorial - HealthAlliance Hospital in Leominster, which posted profits of $5.2 million with a 3.4 percent operating margin in the latest report.
Milford Regional Medical Center has lost $400,000 so far this year, according to CHIA. The hospital recently said it is projected to lose $9 million this year.
In brighter news for the industry, Worcester-based UMass Memorial Medical Center had the area’s largest profit of $43.2 million year-to-date, with a 3.1 percent operating margin, and net assets of $287.8 million. This news continues a positive trend for the hospital, the region’s only academic medical center, which reported $60 million in profits in 2015, according to CHIA.
Saint Vincent Hospital, the only teaching hospital in Central Massachusetts, reported profits of $36.6 million and a 16 percent operating margin. The state’s six teaching hospitals had the highest median total margin of any cohort, at 8.4 percent.
All other hospitals in Central Massachusetts are classified as community-disproportionate share hospitals, with the exception of MetroWest Medical Center, which is a community hospital. These hospitals reported more modest gains compared to Saint Vincent and UMass Memorial.
Here is a comprehensive list of profits and net assets at Central Massachusetts hospitals.
UMass Memorial Medical Center, $43.2 million in profits, $287.8 million in net assets.
Saint Vincent Hospital, $36.6 million in profits, $422.6 million in net assets.
Harrington Hospital, $10.7 million in profits, $65.5 million in net assets.
MetroWest Medical Center, $10.3 million in profits, -$52.9 million in net assets.
UMass Memorial - HealthAlliance Hospital, $5.2 million in profits, $160.9 million in net assets.
UMass Memorial - Marlborough Hospital, $4.8 million in profits, $37.3 million in net assets.
Heywood Hospital, $3.2 million in profits, $53.9 million in net assets.
Athol Memorial Hospital, $0.1 million in profits, $3.3 million in net assets.
Milford Regional Medical Center, $400,000 loss, $118.9 million in net assets.
UMass Memorial - Clinton Hospital, $1.1 million loss, $16.1 million in net assets.
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