Boston-based Partners HealthCare is holding off on its acquisition of Rhode Island’s No. 2 hospital system, Care New England, after the latter reported heavy losses.
Care New England has lost $46 million so far this fiscal year, on top of $53 million in losses in 2016, and recently had its bond rating downgraded. Partners had announced the proposed merger in April, but is now set to meet with Care New England in September or October the re-evaluate the deal.
“The devil is in the details in the assumptions, but we’d like to see them showing us pretty near-term break even, and getting to a 1 to 2 percent margin within three years or so,” Partners CFO Peter Markell said to the Boston Business Journal.
WPRI reported if Partners passes, another Rhode Island-based system may make Care New England an offer. Read more at the link below:
John joined TriMed in 2016, focusing on healthcare policy and regulation. After graduating from Columbia College Chicago, he worked at FM News Chicago and Rivet News Radio, and worked on the state government and politics beat for the Illinois Radio Network. Outside of work, you may find him adding to his never-ending graphic novel collection.