February 15, 2013

Franklin Memorial Hospital operating at a financial loss, CEO to address community leaders

Hospital's financial problems brought on by local and federal government funding issues, the struggling economy and recent health care reform

By Kaitlin Schroeder kschroeder@centralmaine.com
Staff Writer

FARMINGTON  — After operating on a financial loss for the first time in more than a decade, Franklin Memorial Hospital announced Friday that president and CEO Rebecca Ryder will address community leaders about the economic state of the nonprofit.

click image to enlarge

Rebecca Ryder

Contributed photo

Ryder will talk Wednesday about difficult decisions the hospital will need to make about its programs and services because of financial problems, according to Jill Gray, hospital community relations manager.

The hospital operated at a $236,900 loss for the fiscal year ending June 30, 2012, Gray said. She was uncertain when the hospital last operated at a loss, but it was at least 10 years ago.

Ryder considered it important that she address the community about the hospital’s financial state because it is a larger employer and service provider, according to Gray.

Franklin Memorial Hospital employs more than 850 people, according to Gray. That makes it the second largest employer in the county, behind Verso Paper operations in Jay, according to Maine’s Department of Labor. The papermaker had 1000-1,500 employees in late 2012, the latest data available.

The hospital also ranks among the largest in Maine, ranking 46th among the top 50, according to the department.

Ryder will speak at two invitation-only sessions about the financial challenges the hospital is facing.

Ryder will give an overview of current financial problems and will discuss what kind of changes may happen in the coming year to their programs and services, Gray said.

The problems are brought on by local and federal government funding issues, the struggling economy and recent health care reform, Gray said.

“The community is going to see a change,” she said.

By mid-afternoon Friday, about 60 community leaders and business owners have so far agreed to attend, Gray said.

Kaitlin Schroeder — 861-9252
kschroeder@mainetoday.com

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