Healthcare Business News

Tufts reports improved margin in third quarter

By Beth Kutscher
Posted: July 26, 2014 - 12:01 am ET

Tufts Medical Center in Boston improved its financial performance in the third quarter of its fiscal year thanks to higher outpatient volume and tightly managing its expenses.

Tufts registered a $16.9 million surplus on revenue of $177.3 million for the quarter ended June 30, an improvement from the $1.8 million surplus on $164.1 million in revenue for the year-ago, the hospital reported in an earnings statement. Higher operating income and higher investment income contributed to those results.

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Fitch Ratings affirmed a BBB rating with a stable outlook on two series of Tufts bonds.

The 284-bed medical center still has a negative operating margin for the first nine months of its fiscal year, which ends Sept. 30. But most of its challenges—including weak patient volume and several one-time expenses—came in the first quarter of the fiscal year, Fitch said in its ratings report.

At the same time, Tufts' expenses have increased only 1.1% year over year in the nine-month period and volumes, at least on the outpatient side, improved in early 2014.

Admissions in the third quarter declined 11.3% year over year but outpatient visits increased 3.7%. Emergency room visits increased 4.6%. —Beth Kutscher

Follow Beth Kutscher on Twitter: @MHbkutscher

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