Lifespan Faces Serious Financial Challenges
Saturday, March 23, 2013
The Lifespan hospital group manages Rhode Island Hospital, The Miriam Hospital and whose partners also include Rhode Island Hospital's pediatric division, Hasbro Chidren's Hospital, Bradley Hospital and Newport Hospital.
In a statement from Lifespan to GoLocalProv, the healthcare organization said, "During the first five months of the fiscal year, which began October 1, 2012, Lifespan's operating performance was significantly below budget. The financial shortfalls are attributed to a prolonged economic slump in Rhode Island, as well as a number of key factors - downward pressure on our reimbursement rates, a sharp increase in charity care and an increased length of stay for hospitalized patients."
As of the end of 2012, Lifespan employed 12,000 and is one of the biggest workforces in Rhode Island. Rhode Island Hospital was ranked 170th of the 176 hospitals ranked in New England by patients.
Lifespan further stated they are exploring how they will make cost reductions to meet the financial shortfalls, "In response, Lifespan is asking management, physician partners and frontline staff to review current budgets and recommend expense reductions that will address the current financial shortfall. It is premature to discuss what cuts will be implemented; however, we will take steps to ensure that they do not compromise patient quality or safety, and we will work hard to minimize the impact on our employees."
Related Articles
- New England’s Best Hospitals Rated By Patients
- CHART: New England’s Best Hospitals Rated By Patients
- How RI Hospitals Ranked: NE’s Best Hospitals Rated By Patients
- Adult Entertainment Workers’ Health Needs—RI Hospital Study
- Doctors + Patients Disagree On Depression Recovery—RI Hospital
- NEW: Hospital Association of Rhode Island Honors ‘Hospital Heroes’
- The Best Hospitals in RI—New US News Ranking
- Smart Benefits: Hospital Payment Disparity in RI
- The Top 20 Hospitals in New England Rated By Patients
- What is Rhode Island’s Best Hospital? Take Our Exclusive Poll
Follow us on Facebook Twitter See It Read It Share It