Mercy back in the black, credits EMHS merger
Mercy Hospital in Portland ended the year with a net financial gain after two years of losses, crediting its merger with Eastern Maine Healthcare Systems for the turnaround.
The Bangor Daily News reported that Mercy posted $3.4 million in operating income for the 2014 fiscal year. That’s in contrast to its $12.6 million and $5.9 million operating losses in 2012 and the first nine months of 2013, respectively. Mercy joined EMHS in October 2013.
Eileen Skinner, Mercy’s CEO and president, said in a prepared statement that the hospital’s financial turnaround was the result of a multi-year strategic plan made in 2011 that called for cost savings, budget controls and revenue management.
Mercy credited the EMHS merger for helping the hospital consolidate its services to its new Fore River campus. The hospital plans to have all operations moved there by 2018.
Derrick Hollings, EMHS’ chief financial officer, said in a prepared statement that the consolidation will help continue Mercy’s cost-savings measures. He estimated it will save the hospital about $9.5 million annually.
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