The health system reported operating revenues of $14.06 billion in fiscal year 2020, up from $13.95 billion a year earlier. Net patient service revenue was down 5.3 percent year over year.
After factoring in expenses, which climbed more than 6 percent year over year, Mass General Brigham ended fiscal 2020 with an operating loss of $350.5 million. That’s compared to fiscal 2019, when the system reported operating income of $381.8 million.
The health system took several steps to help offset financial damage from the COVID-19 pandemic, including reducing capital expenditures by roughly $550 million and cutting executive compensation earlier this year. It also received $546.4 million in grants made available under the Coronavirus Aid, Relief and Economic Security Act in fiscal 2020, according to the financial documents.
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