Milford Regional finished 2016 with $7M loss
Milford Regional Medical Center
Among the cuts Milford Regional Medical Center made after its losses started mounting in 2016 were plans to close its inpatient pediatric services.
The nonprofit Milford Regional Medical Center ended 2016 with a financial loss of $6.99 million, even as its revenue and total number of patients increased.
The loss is better than the $9 million loss the hospital was on track for based on its year-to-date financials in September, but the end result for the year represents a 400-percent decrease from the $2.26 million positive margin the system had in 2015, according to the hospital’s annual report released Thursday.
Milford Regional actually increased its revenues 5 percent to $270.1 million in 2016 vs. $249.2 million in 2015.
The number of patients served at the hospital grew as well, with increases in inpatient stays (13,214 vs. 12,520), day surgery visits (5,910 vs. 5,495), emergency room visits (58,285 vs. 56,523) and outpatient registrations (424,128 vs. 416,090).
Despite the increases in revenues, the $6.99-million loss came largely because of a $16-million increase in staff wages and benefits and a $4 million increase in supply expenses.
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