Profits shrink at Partners
Partners HealthCare, the largest hospital network in New England and parent of Massachusetts General Hospital and Brigham and Women's Hospital, suffered a 55 percent decline in profit during the first quarter of fiscal year 2007 to $86 million, from $190 million during the first quarter of 2006.
Partners blamed the smaller profit mostly on weaker performance in investments and philanthropic fund-raising, but also on shortfalls in Medicare reimbursement, and, to a lesser extent, a drop in government funding for research. Operating profits were $10 million less, including a $2 million decline in academic and research income.
``We are beginning to see the effects of cuts in funding for the National Institutes of Health over the past several years,'' said Peter Markell, Partners vice president for finance.
(By Christopher Rowland, Globe staff)
