Partners HealthCare reports loss of $185M

When a powerhouse like 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 (reg. req.)

Related Articles:
Partners HealthCare requires EMRs for its physicians
Partners Healthcare consultant, employees face bribery charges

Suggested Articles

Humana filed suit Friday against more than a dozen generic drugmakers alleging that the companies engaged in price-fixing.

Medicare Advantage open enrollment kicked off last week, and insurers are taking new approaches to marketing a slate of supplemental benefit options. 

Health IT company Cerner announced a definitive agreement to acquire IT consulting and engineering firm AbleVets as a wholly owned subsidiary.