Tufts Medical Center improved its financial performance in the third quarter of its fiscal year thanks to higher outpatient volume and tightly managing its expenses, the Boston-based hospital reported.
Tufts registered a $16.9 million (PDF) 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 same period last fiscal year, the hospital reported in an earnings statement released Friday. Higher operating income and higher investment income contributed to those results.
Fitch Ratings last week 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.