NewburyportNews.com, Newburyport, MA

Local News

March 6, 2012

Hospital declares $1 million profit

Administrators state that Anna Jaques won't be sold

NEWBURYPORT — Anna Jaques Hospital officials announced that the hospital made more than $1 million over the last fiscal year, marking the sixth year in a row the Highland Avenue hospital has turned a profit.

The news that the not-for-profit institution continues to operate in the black, along with other factors, should allay any fears in the community that Anna Jaques Hospital will be sold in the near or far future, administrators stressed yesterday.

"There's no intent at the board level of selling Anna Jaques Hospital, to any comers," Delia O'Connor, the hospital's president and chief executive officer, said yesterday.

Anna Jaques Hospital chairman of the board, George Ellison Jr., added that the issue has never been up for discussion and the hospital has never been approached by a possible buyer.

In recent months, the ownership of numerous Massachusetts hospitals has changed with the emergence of a new player in the hospital scene, Steward Health Care. The firm has bought several small hospitals, among them Holy Family in Methuen.

Over the last six fiscal years, the hospital has made close to $8 million, after seeing losses the five fiscal years before that. During the same six years of profitability, the hospital has invested $23.1 million in new technology, services and patient care, not including the $15.6 million it is spending on a massive renovation project currently under way.

O'Connor said the investments made during those years have enabled the hospital to meet the expectations of its patients and increase services to continue the hospital's high level of care.

Recent improvements to patient care include the purchase of a digital mammography system, a glide scope system that makes it easier for doctors to insert breathing tubes, and video cameras to help neurologists treat stroke victims.

O'Connor also stressed that the hospital's continuing relationship with Beth Israel Deaconess Medical Center is vital to keeping the cost of health care as affordable as possible and maintaining the hospital's reputation for measurable quality and service.

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