Partners HealthCare ended the 2019 fiscal year with $485 million in income from operations, as it prepares to invest in several new initiatives.
Officials at the state’s largest nonprofit health system said Friday that their hospitals treated a growing number of seriously ill patients and benefited from payment rate increases, boosting revenue to about $14 billion in the year that ended Sept. 30.
Chief financial officer Peter K. Markell said the earnings give the company flexibility as it prepares to invest in a name change and rebranding, the launch of several new outpatient clinics, and new digital health programs.
“It gives us a running head start,” Markell said.
He said Partners plans to spend “a sizeable amount of money” on new outpatient centers. Partners officials have not detailed those plans or the total cost.
The day before Thanksgiving, Partners announced that it will change its corporate name to Mass General Brigham to reflect its two best-known hospitals, Massachusetts General and Brigham and Women’s.
The rebranding is part of a strategy to operate as a more integrated health system, according to Partners chief executive Dr. Anne Klibanski.
In dollars, 2019 was Partners’s most profitable year. In 2018, the system earned $310 million from operations on revenue of $13.3 billion.
Partners is the state’s largest private employer, with about 75,000 employees. It includes a dozen hospitals and an insurance company, AllWays Health Partners (formerly Neighborhood Health Plan). AllWays, which has struggled financially in the past, lost $27 million on operations in 2019.