Revenue for the quarter increased 0.8% year over year to $636.6 million while expenses grew by 3.5% to $721.9 million. Salaries and wages decreased 0.5% to $317.9 million and employee benefits increased 3.3% to $71.6 million
Tufts posted a net loss of $68.9 million for the quarter, compared to a net loss of $61.6 million in the same period last year.
Andrew DeVoe, former CFO of Cincinnati-based TriHealth, took over as Tufts CFO in mid-February.
“We’ve changed the way we look at our financials,” Mr. DeVoe told Becker’s. “We’re looking at them more from a quality-of-earnings perspective, meaning we try to take out any one-time events. We received over half a billion dollars during the COVID era, that kind of masked some of the financial, operational challenges that we’ve had.”
This year, Tufts is projected to lose about $245 million, and next year’s business plan projects a loss of about $65 million, according to the health system.
“We have the right trajectory going, but it is focusing on getting detailed business plans for each initiative,” Mr. DeVoe said. “We are very confident that we will meet or exceed that budget next year.”
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