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BILH Achieves First Profit in Four Years with Strategic Shift
24 Jan
Summary
- Beth Israel Lahey Health reports its first operating gain in four years.
- System leader Kevin Tabb focused on community-based care and primary care.
- The organization achieved a nearly $100 million operating gain last year.
Beth Israel Lahey Health (BILH) has reported its first operating gain in four years, achieving nearly $100 million in profit for the fiscal year ending September. This financial turnaround is largely credited to the strategic vision of system leader Dr. Kevin Tabb, who has prioritized expanding care into community settings.
Dr. Tabb's strategy involved shifting 70 percent of medical care to community hospitals and clinics, a move that began following the 2019 merger of Beth Israel Deaconess Medical Center and Lahey Health. This approach has successfully lowered operating costs by moving services from more expensive academic medical centers.
Further contributing to BILH's success is a significant investment in primary care. The system has seen a 30 percent growth in primary care providers over the last four fiscal years, including 60 new clinicians added in the past year alone. This expansion is crucial for patient referrals and the long-term health of the system.
In addition to internal strategies, BILH has benefited from collaborations, such as its recent partnership with Dana-Farber Cancer Institute. Despite facing ongoing challenges in the healthcare industry, BILH's leadership remains optimistic about its ability to navigate future difficulties due to the solid foundation and culture established.
