Farewell message from Lifespan CEO shows revenue wins and losses for RI's healthcare giant
PROVIDENCE — Lifespan's just-retired president and CEO Dr. Timothy J. Babineau struck a sentimental note in the "farewell message" he wrote for the introduction to the health care system's 2022 annual report, the last that will bear his name.
The report — for the fiscal year that began on Oct. 1, 2020, and ended on Sept. 30, 2021 — shows operating income of $2.8 billion in revenues and operating expenses of $2.7 billion, for an operational income of $89 million. More recently, however, Lifespan reported a $18.6-million operating loss for the first quarter of calendar year 2022.
"I have mixed emotions as I write this last annual report communication as president and chief executive officer of Lifespan," Babineau wrote. "My years at Rhode Island Hospital and Lifespan have been the most gratifying of my career, and although I look forward to my next chapter, I will miss the excitement and challenge of this position.
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"Working with our teams, who have been both supportive and instructive, has truly been an honor. I am grateful to our physicians and chiefs, to all our clinicians, our staff, and our community — who entrusted their care to us."
Babineau's last day at Lifespan was Tuesday, although he will continue as a consultant through September. Arthur Sampson has been named Lifespan interim president and CEO while a national search is conducted for Babineau's successor.
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In a separate message co-signed by Lifespan Board Chairman Lawrence A. Aubin Sr., Babineau listed some of the system's successes during the 2022 fiscal year, including advances in primary care and improvements in services for children, teens and adults with mental health challenges.
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The two also expressed optimism that lessons learned during the COVID-19 pandemic, which punished hospitals, systems and centers statewide, will serve Lifespan well in the future.
"While we know there will likely be additional variants and waves," Babineau and Aubin stated, "we have also learned how to treat the virus, how to avoid it, and how to prepare for surges. And thanks largely to the vaccine, we are in a far better position than we were two years ago."
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Nonetheless, other issues, including workforce shortages, will prove problematic, the two wrote, adding that "we are focusing on retaining our excellent team members and attracting new ones, but the competition is truly fierce and the need is great throughout the country. We have increased compensation and added tuition reimbursement, among other incentives, and we hope this keeps us above the fray and keeps our valued team members with us."
Among the other data included in the fiscal 2022 report: Lifespan reported 16,564 employees; 1,165 licensed beds; 214,919 emergency department visits; 1.1 million outpatient visits; 24,235 outpatient surgeries; 14,769 inpatient surgeries; and 3,116 home health care visits. The total cost of charity care and "other community benefits" was $255.6 million.
This article originally appeared on The Providence Journal: Lifespan head Babineau's final annual report: challenges, successes
