Saint Vincent CFO Al Mansfield and CEO Scott Whalen, PhD, said the net losses stem from the hospital’s acquirement of a number of medical practices and hiring nearly 30 physicians in 2015 and 2016, among other things.
“The primary reason for the increase is the recruitment of physicians,” Mr. Mansfield said. “It’s an investment for the benefit of the community. The hospital is the physicians’ workshop and it’s the physician who treats patients. It’s critically important to bring physicians to the community.”
Saint Vincent is part of Pennsylvania’s Allegheny Health Network.
More articles on hospital finance:
Why hospitals prioritize RCM as healthcare segues into value-based care
Plexis Healthcare Systems to showcase payer platform
Kindred to close Texas hospital, leaving 92 without jobs
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
