Even Lifespan isn’t making the big bucks anymore
Rhode Island’s largest hospital chain is not making money like it used to. Lifespan- which is the umbrella organization for Rhode Island Hospital, the Miriam, Bradley Hospital and Newport Hospital, posted a nearly 10 million dollar profit for fiscal year 2009, down more than 25 million dollars from last fiscal year and down more than 90 million dollars from fiscal year 2007.
Lifespan’s 2009 net income is its lowest in more than 5 years.
In Lifespan’s annual report, CEO George Vecchione and board chair Alfred Verrecchia call 2009 a challenging year for their hospitals and the state but express optimism that lifespan faces a bright and healthy future, pointing to an increase in federal funding for medical research.