Photo I Edd Cote
Louis Brady is one of few leaders of color at large healthcare institutions in Central Massachusetts, acting as president and CEO of Family Health Center of Worcester.
September 6, 2024
Two years removed from financial crisis, Family Health Center of Worcester reports another budget surplus
Image | Matt Wright
Family Health Center of Worcester
For the second consecutive year, Family Health Center of Worcester closed its fiscal year on an upward swing as the once-financially troubled healthcare provider achieved a $947,001 budget surplus for 2024.
This year's positive balance follows the nonprofit’s $1.69-million surplus achieved in fiscal 2023, according to a Wednesday press release from FHCW.
"Achieving this budget surplus affirms that the strategic decision making, financial procedures, and operations of our organization are in a much stronger position than in years past," Lou Brady, president and CEO of FHCW, said in the release. "Throughout the year, we have been hard at work implementing best-in-class electronic health record EPIC and the companion patient portal MyChart. Additionally, we have provided all staff with a cost-of-living adjustment for the second year in a row. These efforts underscore our commitment to a revitalized, sustainable future for FHCW."
FHCW’s second year of budget surplus comes almost two years to the day that the provider chose to close three of its former locations in Southbridge and Webster and furlough 10% of its staff in September 2022. The following month, a group of employees from the provider attempted to oust Brady from his position, an effort blocked by FHCW’s board. The organization subsequently launched its 120-day Better Together operation in November 2022 to streamline operations and reduce costs.
FHCW credits support from community and state leaders, the organization’s decision to reduce its operational footprint, and its implementation of a new finance team and system as key factors in this year’s budget surplus.
“While we still have progress to make toward achieving industry-leading financial benchmarks as an organization, this budget surplus is a powerful indicator that we are on the right track,” Yinka Fadahunsi, chief financial officer of FHCW, said in the release. “With greater financial resiliency, we are better positioned to recruit and retain dedicated health care providers, improve our services, and ultimately provide best-in-class care to our tens of thousands of patients.”
The healthcare provider is the ninth largest Central Massachusetts human services nonprofit when ranked by total revenue for the most recent fiscal year, having accumulated $60.33 million in revenue and $18.74 million in assets in fiscal year ending on June 30, 2023, according to the WBJ Research Department. The nonprofit has 83 physicians.
Mica Kanner-Mascolo is a staff writer at Worcester Business Journal, who primarily covers the healthcare and diversity, equity, and inclusion industries.
WBJ Web Partners
Most Recent
Most Recent
0 Comments