L+M Healthcare continues upward trend
New London — Lawrence + Memorial Hospital’s health — financial and otherwise — continued to improve this year.
Patrick Green, the hospital’s president and chief executive officer, delivered that news Thursday in a meeting with The Day’s editorial board, announcing that L+M Healthcare, which includes L+M Hospital, Westerly Hospital and the Visiting Nurse Association of Southeastern Connecticut, posted an operating margin of 3.5 percent in the 2018 fiscal year that ended Sept. 30.
Given total revenue of about 15 million.
“It’s good news, a sign of health,” Green said. “We made some significant progress last year, and this year we were close to plus-3.5 percent. ... It’s a testament to our physicians and staff.”
L+M Healthcare nearly broke even in fiscal 2017 after experiencing a deficit of 20 million health center in Stonington, Green said, “We’ve been here for over 100 years and we’re going to be here. We’re growing as much as our competition.”
He said long-range plans call for more ambulatory sites and a more robust outpatient program. Patients’ survey responses also indicate there’s interest in private rooms.
Ahead, Green said, “The regulatory environment is our biggest challenge, and that’s not going to change. We can’t control what happens to Medicare and Medicaid reimbursements.”
L+M Healthcare has no plan to curtail the services it now provides, he said.