Partners HealthCare System, Boston, posted a $45 million gain for the fiscal year ended Sept. 30, 2009, after experiencing $18 million in overall losses during the first three quarters of the year.
Investments, cost control boost Partners' results
The rebound was mostly the result of the 10-hospital system's improving investment portfolio as the stock markets regained strength in the final quarter of the year, company officials noted in a news release. Peter Markell, vice president of finance, said attention to operating expenses also played a role in the provider's year-end gain. “Cost control was a key factor in maintaining our operating performance and helped us to generate an overall year-end gain despite experiencing non-operating losses through the first nine months of the year.”
Partners, whose members include Boston-based providers Massachusetts General Hospital and Brigham and Women's Hospital, reported $164 million in operating income for fiscal 2009 and a nonoperating loss of $119 million, giving the system its $45 million gain overall. That was down sharply from its 2008 gain of $106 million. But the provider also reported a $63 million gain for the final quarter of 2009 compared with a loss of $121 million during the final quarter of 2008, which was largely a result of end-of-year investment portfolio losses.
Partners' net patient services revenue grew by 7% to $5.8 billion, and its academic and research revenue was up 9% to $1.3 billion for fiscal 2009. Its total operating expenses increased by 7% to $7.5 billion during that same period, the system reported.
What do you think? Post a comment on this article and share your opinion with other readers. Submit your comments to Modern Healthcare Online at [email protected]. Please be sure to include your hometown and state, along with your organization and title.
Send us a letter
Have an opinion about this story? Click here to submit a Letter to the Editor, and we may publish it in print.