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August 1, 2023

After tumultuous year, Family Health Center reports $1M+ surplus

Photo | Matt Wright The Family Health Center of Worcester

Family Health Center of Worcester ended fiscal 2023 with a $1.2-million surplus, a far cry from the organization’s financial peril in fall 2022.

The community health center was operating on mere hours of financial reserves in October, had closed two locations, and laid off or furloughed dozens of employees. Now, nearly a year later, the organization’s recovery campaign was successful, and FHCW made the year’s surplus official at a July meeting of its board of directors, according to a Tuesday press release from FHCW. 

“This surplus is a direct result of the hard work and dedication of our staff,” Louis Brady, president and CEO of FHCW, said in the press release. “Throughout our Better Together strategic improvement process, our team helped us chart a course toward a revitalized, sustainable future. After implementing new processes, new technologies, and strategic hires, I am proud to say those efforts are yielding significant results. I am grateful to the Massachusetts League of Community Health Centers for their guidance, our dedicated patient community for trusting us with their care, and our partners in the city and state legislature.”

FHCW brought on a new CFO in January, who implemented a new financial team. Other credited reasons for the center’s improved financial outlook are changes to the overall operational costs, and community, state, and local support. 

In July, FHCW received $3 million from the Massachusetts Executive Office of Health and Human Services, part of the agency’s Community Health Center capital grant investment program.

“While we still have progress to make toward achieving industry-leading financial benchmarks as an organization, this budget surplus is a powerful indicator that we are on the right track. With greater financial resiliency, we are better positioned to recruit and retain dedicated health care providers, improve our services, and ultimately provide best-in-class care to our tens of thousands of patients,” Yinka Fadahunsi, FHCW’s CFO, said in the press release.

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