New York hospital CFO: Without quick move to privatize, affiliate we will lose $806K in Q1

Massena (N.Y.) Memorial Hospital expects to post a $806,000 loss in the first quarter of 2020 if the hospital’s plan to transition to a private company and affiliate with Potsdam, N.Y-based St. Lawrence Health System isn’t finalized by the end of the year, according to North Country Now News.

Massena Memorial CFO Pat Facteau said the loss is based on conservative estimates of revenues and expenses.

However, if the privatization and affiliation plans go as planned, the loss “should be zero,” Mr. Facteau told NCNow News.

Part of the estimated loss is due to debt that they owe to the New York pension system. When Massena Memorial moves private it will no longer need to pay into the pension system.

Massena Memorial Hospital has been struggling for months. In October, the hospital lost over $300,000, and earlier this year it reported more than $1 million in operating losses.

New York hospital CFO: Without quick move to privatize, affiliate we will lose $806K in Q1

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