Massachusetts Hospitals Post Healthy Earnings Year in 2014

BOSTON — The state’s 62 hospitals reported their combined earnings of $1.2 billion last year, while more hospitals shared in the profits, according to a new report from the state Center for Health Information and Analysis. Just eight hospitals posted losses in 2014, down from 11 in 2013.

According to the Boston Globe, industry officials and analysts say the improved performance shows Massachusetts hospitals are adapting to recent changes in healthcare, emphasizing efficiency as they respond to state and federal mandates to expand access and improve care while controlling costs.

The state’s biggest hospitals were the most profitable in 2014, with Massachusetts General Hospital, the largest academic medical center, earning $200.1 million, up 34{06cf2b9696b159f874511d23dbc893eb1ac83014175ed30550cfff22781411e5} from 2013, and Brigham and Women’s Hospital earning $151.7 million, up 9{06cf2b9696b159f874511d23dbc893eb1ac83014175ed30550cfff22781411e5}.

Locally, Baystate Medical Center in Springfield ranked third in earnings, with $96.3 million, while Berkshire Medical Center in Pittsfield ranked 10th with $38.8 million.

Hospitals are a key component of the state’s economy, employing about 600,000 people. The industry added 20,000 jobs over the past year, a 3.5{06cf2b9696b159f874511d23dbc893eb1ac83014175ed30550cfff22781411e5} increase, according to state labor officials — nearly double the rate of overall job growth in the state.