Increased patient volumes and an infusion of federal aid money have put finances at William Newton Hospital in the black after several months of losses due to COVID-19.
Total net income for June, including grants and stimulus funds, was $900,597. Year-to-date net income is $390,467, it was announced at the hospital board of trustees meeting on Tuesday.
“This puts up into the black for the year to date,” said Brian Barta, chief financial officer at WNH.
Barta said gross patient revenue for June was about $1.2 million more than it was in May, an increase of about 20 percent.
The hospital had 81 more inpatient days in June when compared to May, a 30-percent increase. Even though the hospital is still down in the number of inpatient days for this year compared to 2019, “it’s nice to see that upward trend coming, especially considering how bleak it was in April and May,” Barta said.
Outpatient gross revenues were up more than $600,000 for June, up 18 percent from May, but still down $314,000 compared to the prior year, Barta said.
Operating expenses for June increased as expected due to the increased volume, and were up by $86,000 compared to May, an increase of 2.4 percent.
Even with the increases, there was still a loss of around $155,000 in patient service revenue for June. However, it is an improvement of $741,000 from May, when losses were at $896,000 for the month. The hospital lost $1.5 million in April.
“We continue to chip away at the disruption that we’ve had during the pandemic,” Barta said.
Trustees voted 3-0 to accept the financials as presented.