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Healthcare Jobs in Rhode Island Perform Well

Posted on January 7, 2009

Those with healthcare jobs in Rhode Island recently received some good news.

The Rhode Island Department of Health has released The Health of Rhode Island’s Hospitals (2007), which details the financial performance of the state’s 13 hospitals from 2004 to 2007. It also evaluated the state’s hospitals compaed to others in the Northeast and a group of the best hospitals throughout the country.

The report showed that in 2007, local hospital performance improved. Overall profitability increased from 2.1 percent to 3.4 percent, with 8 out of 13 hospitals increasing their profit margins. Growth in net worths also increased from 9 percent in 2006 to 14.7 percent in 2007. Individual capital structure and liquid assets also improved.

When compared to other hospitals in the Northeast during 2006, Rhode Island hospitals were less profitable and facility net worths grew at a slower rate. However. The state also had weaker liquidity and slower collections of receivables. However, the state’s hospitals had less financial leverage and lower capital expenses than other hospitals in the region.

The report further found that the top three performing hospitals in the state were Newport Hospital, Bradley Hospital and The Miriam Hospital.

“Rhode Island’s 13 hospitals are a $2.9-billion-dollar industry with an annual payroll (with benefits) approaching $1.7 billion, and their financial health remains an issue.” Director of Health David R. Gifford, MD, MPH, said in a press release. “These hospitals are critical to the state’s healthcare system and are economic drivers in their own communities. We need to continuously evaluate how the independent community hospitals fit into the broader health care system.”

Rhode Island’s education and health services industry employed 100,200 workers during November 2008, according to the United States Department of Labor Bureau of Labor Statistics. This is down from 100,400 workers during October 2008 and an increase of .7 percent from last year.

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