Care New England Back to Losing Ways -- Company Loses $4.5M in Q1

Care New England Health System (CNE) announced today that in Fiscal Year 2020, first quarter (October-December) the company lost $4.5 million -- 50% higher than than the company's projected loss of $3.0 million. 

Remove the performance of investments and Care New England ended the first quarter with more than $5.5 million in losses.

"The greatest financial challenges facing the System this year are patient volumes at Women & Infants Hospital and Kent Hospital.  However, Butler Hospital and the entire behavioral health service line are experiencing substantial increases in demand for services," the company claimed in its press release.

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“We know we have work to do,” said James E. Fanale, MD, President and CEO. “We are diligently working with leadership across the System on various process and operations improvement initiatives, implementing action plans, and targeting areas for growth opportunities to help build a healthy financial future. Additionally, we are working hard to provide better, timely access to our programs and services.”

Fanale and Care New England had blocked an effort to merge CNE with Lifespan in partnership with Brown University to create a comprehensive group that could compete with Boston healthcare giants.

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