Tufts Medicine, which endured what Fitch called “outsized operating losses” in fiscal 2022, violated its debt coverage agreement, which has involved hiring a consultant, Fitch said. Such operating losses totaled $398.6 million in 2022.
While operating results are expected to improve over time, Fitch added, the agency is assuming a loss in fiscal 2023. Days of cash on hand totaled 82.7 at the end of fiscal 2022 compared with 173.2 days in fiscal 2021.
Tufts is aiming to save $22 million annually by eliminating 240 positions, according to a Jan. 24 report.
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