Worcester Business Journal

wbjournal.com | November 3, 2025 | Worcester Business Journal 21 Economy Employment in key Central Mass. industries Industry 2014 employment 2019 employment 2024 employment Health care & social assistance 88,188 99,994 100,828 Education 78,944 83,240 85,104 Manufacturing 59,794 58,427 58,679 Construction 24,477 29,348 32,145 Finance & insurance 16,364 14,885 14,154 Arts, entertainment & recreation 7,517 8,444 8,400 Real estate 2,614 2,907 2,614 Source: Massachusetts Department of Economic Research Six of 10 Central Mass. hospitals were profitable in fiscal 2024 BY MICA KANNER-MASCOLO WBJ Staff Writer W hile the profitability of hospitals throughout the commonwealth varied widely in fiscal 2024, Athol Hospital has risen to the top as the most profitable in Central Massachusetts. Yet the facility's operator, Gardner- based Heywood Healthcare, warns Athol's financial results do not reflect the system's financial health as a whole, which has only just emerged from Chapter 11 bankruptcy a year ago. Athol Hospital ended this past fiscal year with both its total and operation margins sitting at 9.2%, according to a report released Sept. 25 by the Center for Health Information and Analysis documenting the state's hospital and health system financial performances. Included in the report were the financial metrics of 10 Central Massachusetts hospitals. Athol Hospital generated a total profit of $4.21 million in fiscal 2024, according to CHIA's data, but Heywood CFO John Bujak warned singling out solely the facility's figures can be misleading. "You have to look at the system as a whole. So the system as a whole lost nearly $14 million last year. A good chunk of it was bankruptcy-related costs," Bujak said. "When you look at just Athol independently, it doesn't really take into where those costs lie in the system." e total profit margin for the Heywood-owned Heywood Hospital in Hospital profits and losses Hospital Total profit in fiscal 2024 UMass Memorial Medical Center, in Worcester $77,137,000 UMass Memorial HealthAlliance-Clinton Hospital, in Leominster $25,137,000 UMass Memorial Health – Harrington Hospital, in Southbridge $9,336,000 UMass Memorial Health – Marlborough Hospital $6,177,000 Athol Hospital $4,206,141 Saint Vincent Hospital, in Worcester $2,300,000 UMass Memorial Health – Milford Regional Medical Center -$4,449,600 Nashoba Valley Medical Center, in Ayer -$5,845,759 Heywood Hospital, in Gardner -$10,440,278 MetroWest Medical Center, In Framingham and Natick -$22,400,000 Source: Center for Health Information & Analysis Gardner during the same timeframe was -5.4%, with its operating margin slightly lower at -5.5%, the third- lowest figures in the region. In total, CHIA reports Heywood Hospital lost $10.44 million last fiscal year. Heywood Healthcare originally filed for Chapter 11 bankruptcy in October 2023, which included both Athol and Heywood hospitals. e system exited bankruptcy almost exactly a year later in September 2024. While Heywood Hospital's figures are sobering, they were far from the lowest performing in the region. at title belonged to Nashoba Valley Medical Center in Ayer, which was closed by its parent company Dallas- headquartered Steward Health Care amid its own bankruptcy proceedings. On Sept. 23, Worcester-based UMass Memorial Health celebrated construction beginning on the system's satellite emergency department in Groton designed to help meet the needs of Nashoba Valley's 115,000 residents le without their regional hospital following the medical center's closure. For UMass Memorial Health, the system's UMass Memorial Medical Center in Worcester ended last fiscal year in the green with a 2.6% total margin and 1.9% operating margin. Additionally, UMMC, the largest hospital in Central Massachusetts, reported the highest profit of the 10 regional facilities analyzed by CHIA, generating $77.14 million. At 21.4%, Signature Healthcare Brockton Hospital had the highest total margin of all Massachusetts hospitals last fiscal year, yet it fell into the red with its operational margin at -15.9%. With $528.63 million in total profit, Massachusetts General Hospital in Boston generated the most profit of all the state's hospitals in fiscal year 2024. e now-closed Steward-owned Carney Hospital in Boston had both the lowest total and operating margins at -39.9%. e hospital's fellow Steward-run facility St. Elizabeth's Medical Center in Brighton, now known as Boston Medical Center – Brighton, lost the most financially with a total loss of $68.44 million. "e financial stability of Massachusetts hospitals is critical to a well-functioning healthcare system, and CHIA continues to monitor their stability through a variety of metrics and analyses," Lauren Peters, executive director of CHIA, said in a press release. "is year's report shows continued volatility in the system, albeit widely varied across hospitals." W Dr. Larry Garber, an internist and medical director for informatics for Reliant Medical Group, talks with a patient during a 2020 telehealth visit. PHOTO | MATT WRIGHT

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