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BIDMC Reports Fiscal 2006 Financial Results

Beth Israel Deaconess Medical Center, spurred by continued growth in patient volume, posted an unaudited $39.1 million gain on operations in fiscal year 2006, which ended Sept. 30. In FY05, BIDMC posted a $33.7 million operating gain

BOSTON - Beth Israel Deaconess Medical Center, spurred by continued growth in patient volume, posted an unaudited $39.1 million gain on operations in fiscal year 2006, which ended Sept. 30. In FY05, BIDMC posted a $33.7 million operating gain. The medical center also reported a bottom line gain for FY06, including investment income, of $61.4 million, compared to $47.3 million the previous fiscal year.

Consolidated operating revenue - including Beth Israel Deaconess Hospital-Needham and the Affiliated Physicians Group - increased to $1.137 billion in FY06, an increase from $1.039 billion in FY05.

Total inpatient discharges increased to 39,023 in FY06, up from 38,963 in FY05. Combined discharges and observation cases rose 3.1 percent to 44,311 in FY06, compared to 42,958 the previous year, a shift that reflected changes in the way insurers classified patients. Outpatient clinic encounters increased to 451,033 in FY06, up from 435,385 in FY05, a 3.6 percent increase over the previous year.

"These results are especially gratifying after a challenging fiscal year marked by soaring energy costs and changing reimbursement standards," said Steven P. Fischer, senior vice president and BIDMC's chief financial officer. "With a strong performance, we are able to able to reinvest in buildings, equipment, and programs at a greater rate than was possible during our financial hard times several years ago."

BIDMC's year was highlighted by a number of key developments, including the opening of the Carl J. Shapiro Simulation and Skills Center, a state-of-the-art facility that provides simulation-based skills training to health care students and professionals from all medical and surgical disciplines. The center was among only seven nationally to win inaugural accreditation from the American College of Surgeons.

Beth Israel Deaconess Medical Center is a patient care, teaching and research affiliate of Harvard Medical School, and ranks third in National Institutes of Health funding among independent hospitals nationwide. BIDMC is clinically affiliated with the Joslin Diabetes Center and is a research partner of Dana-Farber/Harvard Cancer Center. BIDMC is the official hospital of the Boston Red Sox. For more information, visit www.bidmc.harvard.edu.