L+M Healthcare network became an affiliate of Yale New Haven (Conn.) Health in 2016. The affiliation has allowed Westerly Hospital to invest in an 18-bed geriatric behavioral health unit and expand its oncology services in 2019, despite persisting financial losses.
“Because the little mini-system is up that allows money to come in specifically to Westerly, whereas if Westerly was down 5 percent on its own and lived on its own there would be no money to reinvest,” Michael O’Farrell, L+M Healthcare spokesperson, told The Sun.
In fiscal year 2016, Westerly Hospital reported an operating loss of $5.3 million. The next year, the hospital’s operating loss grew to $7.7 million. In fiscal 2018, Westerly Hospital saw a $3.5 million operating loss.
Still, the hospital is growing its cardiac and vascular, neurology and urology services, Patrick L. Green, L+M Healthcare president and CEO, told The Sun.
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