health care

Lifespan publishes annual report

Posted 8/20/12

PROVIDENCE – Lifespan’s annual report for 2011, published in late July, provides a thoughtful look backward at the previous year of Rhode Island’s largest private employer, with its workforce of more than 12,400.

The report begins with an introductory letter from George A. Vecchione, the former president and CEO, and Alfred J. Verrecchia, the former chair of the board of directors, calling it a time of change without there being “a tidy story” to tell.

The best description, the outgoing leaders offered, is that “we are living in a time of unprecedented uncertainty.” The business of health care, they continued, was “an intricate puzzle, governed by highly complex rules.”

The former Lifespan leaders might have added “rapid” to “unprecedented” in describing the changes facing hospitals. In between the time the annual report was written, edited and published, Lifespan named its new president and CEO, Dr. Timothy J. Babineau, and consolidated its hospital corporate structure under one unified board. Babineau, who also serves as president and CEO of Rhode Island Hospital and The Miriam Hospital, officially took control of the reins on Aug. 15.

In addition, Gateway Healthcare, one of Rhode Island’s largest community behavioral health organizations, has moved to affiliate with the Lifespan system.

The letter from Vecchione and Verrecchia does offer a helpful framework to look at the future direction that Lifespan is pursuing – positioned as its willingness to adapt within the constantly shifting health care delivery landscape.

The letter cites the development of the interdisciplinary Women’s Medicine Collaborative and an ambulatory surgical center as a way to provide “right care at the right time in the right setting.” It points the way toward Lifespan’s planned interdisciplinary centers in both orthopedics and oncology.

The annual report also provides the numbers for Fiscal Year 2011, in which Lifespan’s hospital system reported a total operating revenue of $1.686 billion, total operating expenses of $1.681 billion, for total revenue from operations of $4.9 million.

The net income reported for fiscal 2011, however, was a loss of $9.19 million, the result of a total of non-operating losses of $14.1 million, including a $12.2 million litigation settlement.

Lifespan’s research revenue in FY 2011 was reported to be $80.809 million.

In fiscal 2011, the Lifespan hospital system, which includes Rhode Island Hospital (including Hasbro Children’s Hospital), The Miriam Hospital, Bradley Hospital and Newport Hospital, had 1,155 licensed beds, 55,884 patient discharges, 234,823 emergency department visits, 305,357 outpatient visits, 23,853 outpatient surgeries, 15,304 inpatient surgeries, and 12,956 outpatient visits

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