Blue Hill hospital posts $4M loss
Blue Hill Memorial Hospital posted a $4.3 million operating loss for its 2009 fiscal year, citing last year's collapse of the financial markets and the lack of Medicare reimbursements from the state.
For its 2009 fiscal year, which ended March 31, the hospital posted a $2 million loss in investment revenue, wrote off $2.3 million in bad debt and suspended a capital campaign, citing the effects of a faltering economy on the health care industry, according to the Ellsworth American. Eastern Maine Healthcare Systems, the hospital's parent company, forced Blue Hill Memorial CEO Tim Garrity to step down in December and brought in an interim CEO and CFO to manage the hospital. Blue Hill Memorial in January eliminated 34 positions, requiring the layoff of 15 employees, in an effort to cut costs.
Scott Oxley, interim CFO, said this year Blue Hill Memorial aims to reduce total expenses by $1.8 million and increase volume for services provided, the paper reported. Oxley said the hospital has yet to receive Medicare reimbursements from the state for 2007 and 2008, but expects those payments to be made with federal stimulus funds this fall.
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