Care New England posts $6M+ loss in first 2 months of FY 2018

Providence, R.I.-based Care New England lost more than $6 million in the first two months of fiscal year 2018, WPRI reports.

Care New England Executive Vice President, COO and Chief Clinical Officer James Fanale, MD, said the loss mostly reflects the system's pending closure of Memorial Hospital in Pawtucket, R.I. 

"CNE's financial performance for the first two months of the year is ahead of forecast," Dr. Fanale told staff last week. "That said, CNE lost more than $6 million for the first two months of the fiscal year, most of it related to the closure of Memorial. The remainder of the system is close to break even."

Care New England lost about $115 million in the past two fiscal years, according to WPRI. The system's executives pointed to low volumes at Memorial as a key reason for the financial woes.

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