Dive Brief:
- Partners Healthcare, the largest health system in MA, says this year's historic bad weather hurt revenues, as patients were unable to get to its hospitals.
- The system suffered an operating loss of $17.5 million during the period ending on March 31.
- Although revenue increased slightly when compared to the same period last year, expenses outpaced revenue.
Dive Insight:
Partners reports that net patient service revenue was up by 4%, largely due to a growth in inpatient operations, but the weather put a damper on business. "Our employees did a remarkable job keeping our hospitals open for patients this past winter to receive patient care," Peter K. Markell, Chief Financial Officer and Treasurer for Partners HealthCare told the Boston Business Journal. "However, the weather made it impossible for many patients to get to scheduled appointments—and that led to a significant decline in our providers' operating results."
Although you can't change the weather, there are some things you can do to improve your bottom line during periods when revenues are down. One is to decrease inefficiencies. Another is to reduce bad debt.