Care New England Finances Improve Since Closure Of Memorial Hospital

May 10, 2018

Care New England officials on Thursday reported it would be operating in the black if it weren’t for the ongoing losses from the now-closed Memorial Hospital.

Kent Hospital in Warwick, one of three hospitals operated by Care New England.
Credit RIPR

Rhode Island’s second-largest hospital system reported a $7 million net loss from operations during the first three months of 2018. That included an $8.5 million loss from the Pawtucket hospital, which closed last January.

The company reported that all three of its other hospitals – Butler, Kent and Women & Infants – and the Visited Nurses Association had positive earnings during the three-month period ending March 31, 2018.  

“While we continue to experience some significant loss associated with Memorial Hospital, we are experiencing tremendous results otherwise,’’ Care New England President and CEO James E. Fanale said in a statement. "We are extremely optimistic about our current position and the partnership opportunities in which we are now actively engaged.”

Care New England has been in negotiations with Boston-based Partners HealthCare, which operates Mass. General and Brigham & Women’s Hospital. Last February, Lifespan announced it was joining Care New England in the talks.

In addition to three hospitals, Care New England also operates The Providence Center.

For Care New England's full earnings report click here