When a powerhouse Partners HealthCare System is in the red, you know times are tough. Partners, a Boston-based system that includes 907-bed Massachusetts General and 746-bed Brigham and Women's hospitals, lost $185 million for the first quarter of its fiscal 2009 year.
Partners' net loss stemmed from a $244 million loss on investment and interest-rate swaps, though it was partially offset by $59 million in operating income the system earned during that period. The collective $185 million loss is a big contract from earnings of $81 million in the year-ago quarter, which included $64 million in earnings on investments.
The system's vice president of finance, Peter Markell, said that in response to the loss, Partners would cut back on its five-year capital spending program.
To learn more about Partners' financial condition:
- read this Modern Healthcare piece [1] (reg. req.)
Related Articles:
Partners HealthCare requires EMRs for its physicians [2]
Partners Healthcare consultant, employees face bribery charges [3]
Links:
[1] http://www.modernhealthcare.com/article/20090220/REG/302209976/-1/TODAYSNEWS
[2] http://www.fiercehealthit.com/story/partners-healthcare-requires-emrs-its-physicians/2007-10-22
[3] http://www.fiercehealthit.com/story/partners-healthcare-consultant-employees-face-bribery-charges/2008-10-05?utm_medium=rss&utm_source=rss&cmp-id=OTC-RSS-FHI0