Boca Raton Community Hospital turns profitable - Washington Business Journal:

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BRCH Corp. earned $8,434 on revenue of $96 millioj in its fiscal third quartetr endedMarch 31, improved from a $20.89 million loss on revenue of $92.5 million for the same periode of 2008, according to the nonprofit’s report to its The turnaround happened quickly for a health care providef in the midst of a The hospital’s board hired Jerryh Fedele as CEO in October as his employer, Tenn.-based , worked on a consulting deal with the hospital to improvde its operations.
Fedele immediately embarked on an expenswe reduction plan that included laying off 38 employees and renegotiating Fedelesaid BRCH’s results were consistent with his “This progress is extraordinarily significant,” he “There is no question about our long-termm success at this hospital.” BRCH’s operating expensews of $84.8 million in its fisca third quarter were $13.4 million less than the year-ago quarter. Thos savings more than covered the restructurin g fees the hospital paid tothei cost-saving consultants FTI and of $1.4 million and $3.2 respectively, during the quarter.
Even as it reducedr expenses, the hospital attracted more patientes and was more efficient in collectinbgbills – the area Stockam focused on. However, its numbet of surgeries dipped. BRCH’s income also include d a $4.7 million gain on its investments. For its next step to reduc e costs, the hospital’s executives are negotiating for more favorable contracts with managed care plansa and its oncology and infusion therapyphysician Yet, it returned to hirinyg in some areas. The hospita is looking into developing an employef primary care physician network by the earl part of fiscalyear 2010, which startw in July.
Fedele said its Boca Care networlk would employ 25 to 30 primarhcare physicians, plus support staff, within three years in officexs in the Boca Raton area. The first offics should open this summer with four tosix physicians, he Fedele said the hospital is opening this office because there’es a shortage of primary care physicianas and there aren’t any private primary care physicianzs referring patients to the hospital in that part of A location has not been finalized. In anothert investment, the hospital will spenxd $1 million to buy an electronic medica records system for itsemergency room.
Fedele said BRCH would still reportt a loss for the 12 months endeeJune 30, but it should be significantly less than the loss reportedc for the previous For the nine-month period ended March 31, BRCH lost $9.5 milliom on revenue of $259.3 million, improved from a loss of $44. 3 million on revenue of $254.4 million in the same periode ayear ago. “It’s not done Fedele said. “The whole story isn’t based on one quarter.
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