Tufts Medicine trims operating loss by 57%; new CFO taking over in February

Boston-based Tufts Medicine reported a $171 million operating loss in the fiscal year ending Sept. 30, a 57% improvement on the $399 million loss it posted in the previous year, according to financial documents published Jan. 26. 

Year over year, revenue increased 14.4% to $2.6 billion while expenses grew by 3.8% to $2.8 billion. Under expenses, salaries and wages increased 6.4% to $1.3 billion and employee benefits were up 6% to $260.5 million.

After accounting for the performance of its investment portfolio and other nonoperating items, Tufts ended the 12-month period with an overall gain of $1.6 million, a significant improvement on the $530.4 million net loss recorded in the prior year. 

The health system — which ended the fiscal year with 71 days of cash on hand — has taken several steps to improve its financial footing last year, including selling outpatient lab assets to Labcorp, laying off some employees and eliminating vacant positions.

Andrew DeVoe, CFO of San Diego-based Sharp HealthCare, will take over as Tufts CFO in mid-February. 

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