Tufts Medical Center reported a drop in its operating surplus for fiscal 2015, as the not-for-profit saw a rise in total operating expenses.
The Boston-based academic facility had an operating loss of $15.4 million for the year ended Sept. 30, compared to being $8.6 million in the black in fiscal 2014.
Total operating revenue grew 0.7% in 2015, but so did total operating expenses, up 3.4%. Tufts paid 4.1% more in salaries and wages in 2015 than in the prior year.
Inpatient admissions dipped slightly to 17,572 in 2015, from 17,814 the previous year. Patient days in 2015 rose at a rate of just 0.1%, as did the medical center's occupancy rate, which rose to 62.8% from 62.7%. Emergency department visits climbed 5.5% in 2015 over the prior year.
Managed-care organizations were Tufts' largest source of payer revenue, at $271.2 million. However, that revenue dropped 3.1% from 2014. Medicare revenue also fell to $226.8 million from $229.6 million in the prior year. Medicaid revenue rose, however, 6.7% higher than in 2014.
Tufts had been exploring a merger with Boston Medical Center, but both parties cancelled negotiations in May of 2015.
