Mass General Brigham said it will accelerate cost-cutting efforts to manage the historic financial losses in 2022.
The state’s biggest hospital network is suffering historic financial losses as it contends with inflated costs, ongoing workforce shortages and unrelenting demand from sick patients.for the fiscal year that ended Sept. 30, the worst it has ever recorded. The health system, which includes Massachusetts General Hospital, Brigham and Women’s and several community hospitals, collected $16.7 billion in revenue — but its expenses were even greater, resulting in the overall loss.
Mass General Brigham, in part because of its size, has more resources to weather financial challenges. But chief financial officer Niyum Gandhi said Mass General Brigham will accelerate cost-cutting efforts, focusing on administrative costs. It will also eliminate some vacant jobs. The health care system capacity problems are expected to continue through the winter, as more people become sick with respiratory illnesses such as flu. Gov. Charlie Baker's administration recently reached a 90-day agreement with health care providers and insurers to ease the backlog.
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