Financial Woes At Maine Medical Center

New England health system facing $13 million loss, initiates plan to save $15 million

In a memo to its employees last week, one of Maine’s largest health systems said it has suffered an operating loss of $13.4 million in the first half of its fiscal year.

“Through March (six months of our fiscal year), Maine Medical Center experienced a negative financial position that it has not witnessed in recent memory,” Richard Petersen, president and CEO of the medical center, wrote in the memo to employees. A copy of the memo was sent to MedTech Media, publisher of Healthcare Finance News.

In order to bring the medical center to breakeven by year’s end, the health system’s leadership has determined $15 million needs to be saved.