Partners HealthCare, the health care network anchored by Massachusetts General Hospital (MHH), reported income from operations of $195 million, for the fiscal year ending September 30, up from $164 million during the previous fiscal year, according to the State House News Service.
Partners, the parent company of the Martha’s Vineyard Hospital, recorded total operating revenue in the most recently completed fiscal year of $8.1 billion, up from $7.6 billion the fiscal year before. The latest results netted out to a 2.4 percent margin, up from 2.2 percent the previous fiscal year. In a statement, Peter Markell, vice president for finance, said Partners had focused on cost management and will continue to do so.
Mr. Markell said Partners has been managing high-cost procedures such as imaging, which showed a 10 percent drop in utilization.
“Efforts like these across the system are critical as we redesign the way we deliver health care in the coming year. Our patients and families should expect us to make care more affordable, while improving quality,” Mr. Markell said.
Total operating expenses at Partners increased by $480 million, or six percent, and employee compensation and benefit costs rose $298 million, or seven percent, to $4.4 billion. A 11-percent increase in pharmaceutical costs contributed to an overall four-percent increase in expenditures on supplies and other expenses. For the fourth quarter, Partners reported an overall gain of $133 million, up from $63 million in the comparable 2009 quarter.
Partners HealthCare, a nonprofit founded in 1994 by MGH and Brigham and Women’s Hospital, includes Newton-Wellesley Hospital, North Shore Medical Center, Faulkner Hospital, McLean Hospital, Spaulding Rehabilitation Hospital, Nantucket Hospital, and Martha’s Vineyard Hospital.