Mass General Brigham is cutting costs and trying to be more efficient as part of a plan to recover from a loss of more than $2 billion last year.
The Boston-based nonprofit system said Friday it is working to improve efficiency with resources like inpatient beds and CT scanners, reducing the administrative burden on clinicians. and build a more integrated operation between service lines.
It’s also trying reduce length of stay in the emergency department for behavioral health patients and, if needed, direct them to more appropriate inpatient care, it said Friday.
Mass General Brigham Health Plan, formerly AllWays Health Partners, manages the network’s 140,000-member responsible care organization that helps better coordinate care for underserved populations, Chief Financial Officer Niyum Gandhi himself said in a news release reporting the system’s second fiscal quarter. The health plan began offering new Medicare Advantage plans this year.
Neither Gandhi nor the CEO, Dr. Anne Klibanski, were present for the interview.
The efforts seem to pay off.
Mass General Brigham reported net income of $361.39 million for the second quarter ended March 31. This compares to a net loss of $866.59 million in the second quarter of last year. Revenue grew 11.7% to $4.51 billion, including a $318 million increase in patient care revenue. Results were also boosted by $379 million in return on investment.
The system reported a quarterly operating loss of $6.09 million, an improvement from a loss of $193.18 million a year ago.
Quarterly Expenses rose 6.7% year-on-year to $4.52 billion, including a 6% increase in wages and salaries, a 19% increase in medical supplies and a 21% increase in pharmaceuticals.
