Franklin Memorial reports $8.4M operating loss
Franklin Memorial Hospital had an $8.4 million operating loss during the last fiscal year.
The Sun Journal reported hospital officials cited various reasons for the loss, including lower patient volume, decreasing reimbursement from government programs and a $2 million increase in charity care over the past two years.
The Farmington hospital in February announced layoffs and plans to close its Wilton Family Practice in an effort to reduce overall expenses by $6 million by June.
For the hospital’s most recent fiscal year, it took in around $76.9 million in net revenue against about $85.3 million in operating expenses.
Looking ahead, the paper reported the independent hospital’s board is researching potential partnerships with other health care organizations. The Franklin hospital is one of just five hospitals in the state considered independent.
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