MetroWest Medical Center turns profit in first six months after '14 losses
(Updated at 2:55 p.m.) MetroWest Medical Center turned around its prospects through June of this year, but Clinton and Athol Hospitals slipped, posting losses, according to the Center for Health Information and Analysis.
MetroWest Medical Center, in Framingham and Natick, managed a profit in the first six months of its fiscal year. The hospital, owned by Texas-based Tenet Healthcare, had a 7.4 percent total margin with $9.6 million in profit during that time period. This compared to a loss of $2.75 million at the same time last year with a total margin of negative 2.2. Despite this turn around, it was still one of only two acute-care hospitals in Massachusetts to report negative assets of $43.6 million.
Teresa Prego, spokeswoman for Tenet Healthcare's Northeast region, said in an interview this week that MetroWest Medical Center has worked to find its footing in the new fiscal year, with help from a new management team, which has focused on investing in new service areas to shore up the business.
"MetroWest Medical Center has done a great job in engaging physicians and services in some key areas," Prego said.
The other Tenet Healthcare hospital in the region, Saint Vincent Hospital in Worcester, turned a profit of $32.8 million (total margin 15.4 percent) in the first six months of its fiscal year.
Athol Hospital slipped from profits over their first nine months last year at $1.57 million to losses of $300,000 in the first nine months of their fiscal year, for a total negative margin of 1.6 percent. The losses began in the fourth quarter of last year, as the hospital ended the year with only $1.4 million in profit.
Clinton Hospital posted losses of $700,000 through June this year, for a total negative margin of 3.3 percent. This compares to a loss of $461,000 during the same time last year, although Clinton did post a $200,000 profit for the entire fiscal year.
Profits for other area hospitals that end their fiscal year on September 30, and have 9 months of data were, in order:
• UMass Memorial Medical Center, Worcester, $30.6 million (total margin 2.7 percent);
• Harrington Memorial Hospital, Southbridge, $7.8 million (total margin 8.2 percent);
• Milford Regional Medical Center, $4.8 million (total margin 3.2 percent);
• Heywood Hospital, Gardner, $4.2 million (total margin 5.2 percent);
• HealthAlliance Hospital, Leominster, $5.8 million (total margin 4.6 percent);
• Marlborough Hospital, $3.3 million (total margin 5.3 percent);
There was no data available for the Nashoba Valley Medical Center in the latest report.
At $136.4 million, Massachusetts General Hospital recorded the largest profit of the 62 acute-care hospitals reviewed.
To determine hospitals' financial health, CHIA examined: total margin, operating margin, non-operating margin, current ratio, days in accounts receivable, average payment period, debt service coverage, cash flow to total debt, and the equity financing ratio.
Note: An earlier version of this story reported an incorrect total margin for Milford Regional Medical Center. The story has been updated with the correct figure.
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