Care New England Is Down to 45 Days Cash on Hand, According to Financials
Thursday, February 02, 2023
The state’s second-largest hospital group has just 45 days of cash on hand, according to the most recent quarterly report of the company.
This time last year, Care New England (CNE) had 57 days of cash on hand, and two years earlier, it had 72 days.
Care New England owns Kent, Women & Infants, and Butler Hospitals, as well as Visiting Nurses of Rhode Island.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe numbers released on Wednesday were for the first quarter — nearly all hospitals are on a fiscal calendar that begins on October 1.
For the quarter which ended December 31, CNE lost $13 million.
The company has had a nearly endless string of losses over the past decade.
"Net Patient Service Revenue was $2.0 million or 0.76% lower than forecast for this quarter and $4.9 million or 1.9% higher than the first quarter of the previous year. Net patient service revenue finished below forecast," stated the report.
Virtually No Research Revenue, Staff Costs Continue to Spiral Upward
"Research Revenue was unfavorable to the forecast by $123,653 or 1.4% and Research Expenses were unfavorable to the forecast by $516,611 or 6.2%.
Research revenue was $344,841 or 3.8% lower than the prior year and research expenses were $353,324 or 4.1 % higher than the prior year," reported CNE.
Staffing costs continue to plague the company.
Salaries and Wages were $5.2 million (3.5% unfavorable to the forecast) and $2.l million or 1.4% higher than the prior year.
James E. Fanale, MD, president and CEO, served his last day at the helm of CNE on December 1, 2022.
Fanale was replaced by Dr. Michael Wagner.
CNE also recently named a new chief financial officer, Todd A. Conklin.
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- Care New England Is Down to 45 Days Cash on Hand, According to Financials
