August 10, 2012
MDI hospital posts $2.3 million loss
Mount Desert Island Hospital in Bar Harbor posted losses of $2.3 million in fiscal year 2012 despite recent layoffs and cost-cutting measures, officials announced earlier this week.
Leading reasons for the deficit include $18 million in funds not received from state Medicaid, federal Medicare and insurance companies, as well as a $371,000 loss from investment activities, according to the Mount Desert Islander.
Stagnant patient volumes and rising costs also contributed to the $2.3 million deficit, according to MDIH Treasurer Chrissi Maguire-Harding.
The hospital provided $4 million in free and uncompensated care in FY 2012, employing 575 with a payroll of $26 million. Total operating expenses for the year rang in at $58.9 million.
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