Rhode Island’s second-largest hospital group has just 45 days of cash on hand, according to the most recent quarterly report of the company.
This time last year, Care New England (CNE) had 57 days of cash on hand, and two years earlier, it had 72 days. GoLocalProv reports.
Care New England owns Kent, Women & Infants, and Butler Hospitals, as well as Visiting Nurses of Rhode Island.
The numbers released were for the first quarter — nearly all hospitals are on a fiscal calendar that begins on October 1. For the quarter which ended December 31, CNE lost $13 million.
The company has had a nearly endless string of losses over the past decade.
“Net Patient Service Revenue was $2.0 million or 0.76% lower than forecast for this quarter and $4.9 million or 1.9% higher than the first quarter of the previous year. Net patient service revenue finished below forecast,” stated the report. Read more.
