Partners' operating profit quadruples in latest period

Partners HealthCare, the hospital network headed by Massachusetts General Hospital and Brigham and Women's Hospital, posted an operating profit of $25.2 million in the latest quarter, quadruple the $6.2 million the network earned in the same period last year.

The state's largest healthcare network reported net income, which includes all investment income, of $74 million on revenue of $1.2 billion for the recent quarter, compared to a net loss of $1 million on revenue of $1.1 billion a year earlier.

Peter Markell, Partners vice president for finance, said all Partners hospitals, including financially struggling North Shore Medical Center, had operating profits in the period October through December 2003, except for one. McLean Hospital, a psychiatric facility in Belmont, lost $760,000, he said.

As usual, Mass. General was the financial powerhouse of the system, with an operating profit of $23.3 million in the quarter, up from $12.9 million a year earlier. The network's profits, and Mass. General's in particular, grew because of good returns on investments used for operations such as research and teaching, and a 9 percent jump in the number of consumers using outpatient medical services. Mass. General researchers also developed several products, including a permanent laser hair removal system and a neuromuscular relaxant used in anesthesia, that began receiving royalties.

Brigham had operating profit of $6.4 million in the quarter, compared to $8.2 million for the same period last year.

Liz Kowalczyk can be reached at kowalczyk@globe.com.