Lifespan must pay insurer $14.9M; RI Hospital losing money

December 11th, 2013 at 6:00 pm by under Nesi's Notes

By Ted Nesi and Tim White

PROVIDENCE, R.I. (WPRI) – The financial situation at not-for-profit hospital giant Lifespan deteriorated so much in its latest fiscal year that an insurer is now seeking nearly $15 million from the organization to cover its debts, WPRI.com has learned.

Documents obtained by WPRI.com show Lifespan earned a net profit of $17 million during the 12-month fiscal year that ended Sept. 30, 2013, down from $41.4 million the prior year. The reduction occurred despite a nearly 4% increase in Lifespan’s total revenue, to a new high of $1.7 billion.

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One Response to “Lifespan must pay insurer $14.9M; RI Hospital losing money”

  1. Jim Donahue says:

    When you’re paying the CEO $8 million a year profits should be rising not falling.