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Milford Regional Reports 'Strongest' Financial Performance in History

Milford Regional Medical Center ended 2012 with $10.4 million in operating profit, the strongest financial performance in its history.

Milford Regional Medical Center is not only financially stable, it is thriving, according to a year-end financial summary released Monday as part of its annual meeting.

The regional hospital reported audited operating revenue of $241.1 million in 2012, and $230.7 million in expenses, leaving $10.4 million in income from operations.

This is a better end-note than 2011, when the hospital reported $7.3 million in operating profit.

Albert Crimaldi, chairman of its board of directors, said the financial picture results from factors that include technological efficiencies, increased patient visits and the sale of the Visiting Nurses Association and Hospice to SALMON Health and Retirement.

"We simply had a very good year," Crimaldi said, addressing hospital employees, volunteers and board members.

The financial performance of the hospital in 2012, he said, was the strongest in its 110-year history.

Crimaldi said this reflects a hospital that is continuing to respond to community needs and industry changes.

"Continued growth and prosperity should be expected," he said.

In 2012, the hospital reported increased inpatient discharges and observation stays, as well as additional day surgery, emergency room and outpatient visits.

Although expenses increased by 4 percent, operating revenue increased at a faster clip — by nearly 6 percent — to $241,124,200 last year.

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