In the six months ended March 31, Lahey posted a $37.3 million operating loss, widening from a $3.3 million loss in the same period a year prior.
While the hospital saw inpatient discharges increase 1.4 percent and length of stay increase 1.8 percent in the six-month period, its outpatient volumes sagged. Emergency department visits decreased year over year by 0.9 percent and ambulatory surgical cases fell 4.5 percent in the same period.
Although increases in discharges and private duty billable hours pushed Lahey Health’s operating revenue up 1.3 percent year over year to $1.01 billion in the six-month period, it saw its expenses rise.
The health system reported a 4.7 percent year over year increase in operating expenses to $1.04 billion. Lahey attributed the rising expenses to employee salaries and benefits, supply and pharmaceutical costs.
More articles on healthcare finance:
Wellmark executive reveals which condition Iowa’s $12M patient suffers from
Dallas hospital files for bankruptcy 3 years after opening
Northwell’s earnings dragged down by insurance division losses
