Federally Qualified Community Health Center Serving 30,000 Patients in 78 Languages Annually Achieves Budget Surplus For The Second Year in a Row
WORCESTER, MA. – Family Health Center of Worcester (FHCW), a leading community health center in Central Massachusetts, today announced a $947,001 budget surplus for the 2024 fiscal year. This year’s surplus marks the second year in a row the organization ended the year in a positive position, following last year’s $1.69M surplus. The Fiscal Year 2024 budget surplus was made official at the July 2024 Board of Directors Meeting. As part of the July meeting the board of directors also voted to accept the financial audit for Fiscal Year 2023, with no items requiring further action.
Despite making significant investments in staffing, technology, and critical infrastructure, Family Health Center of Worcester achieved this repeat milestone through modernized finance processes, precision-targeted spending, improved collections, and a steadfast commitment to providing high-quality care to our patients.
“Achieving this budget surplus affirms that the strategic decision making, financial procedures, and operations of our organization are in a much stronger position than in years past,” said Louis Brady, president & chief executive officer of FHCW. “This stable foundation empowers us to strategically invest in our operations, enhancing access and empowering efficiency. Throughout the year, we have been hard at work implementing best-in-class electronic health record EPIC and the companion patient portal MyChart. Additionally, we have provided all staff with a cost-of-living adjustment for the second year in a row. These efforts underscore our commitment to a revitalized, sustainable future for FHCW.”
The surplus was achieved through a number of factors, including:
- The enduring support of the community, state, and local leaders, who have helped ensure that FHCW has the resources to provide quality healthcare to all.
- The decisions made last year to reduce FHCW’s operational footprint and refocus the mission in the city of Worcester.
- Implementation of a new finance team, systems, and processes under the leadership of CFO Dr. Yinka Fadahunsi.
“We are very proud of this accomplishment,” said Dr. Yinka Fadahunsi, chief financial officer of FHCW. “While we still have progress to make toward achieving industry-leading financial benchmarks as an organization, this budget surplus is a powerful indicator that we are on the right track. With greater financial resiliency, we are better positioned to recruit and retain dedicated health care providers, improve our services, and ultimately provide best-in-class care to our tens of thousands of patients.”
About Family Health Center of Worcester
Family Health Center of Worcester is a distinguished Federally Qualified Health Center (FQHC) serving the residents of Worcester. With a mission to improve the health and well-being of all residents, especially culturally diverse populations, the center provides affordable, integrated, and high-quality primary healthcare and social services, regardless of patients’ ability to pay. Family Health Center of Worcester operates from its main site at 26 Queen Street and extends its care through seven school health centers in Worcester, MA. Additionally, Family Health Center of Worcester operates the Homeless Outreach Advocacy Project (HOAP) at 199 Chandler Street and administers the Women Infant Children (WIC) nutrition program at five sites in the Greater Worcester area.
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For Media Inquiries:
Nic DiBella
Director of Marketing & Communications
Family Health Center of Worcester
508.277.9802
