Boca Raton Community Hospital turns profitable - San Antonio Business Journal:

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BRCH Corp. earned $8,4334 on revenue of $96 million in its fiscal thirs quarter endedMarch 31, improved from a $20.9 millionj loss on revenue of $92.5 million for the same period of according to the nonprofit’s report to its The turnaround happened quickly for a healty care provider in the midst of a The hospital’s board hired Jerry Fedele as CEO in Octobeer as his employer, Brentwood, Tenn.-based , workef on a consulting deal with the hospitalk to improve its operations. Fedele immediately embarked on an expenss reduction plan that included laying off 38 employees andrenegotiatingg contracts.
Fedele said BRCH’s resultsa were consistent withhis “This progress is extraordinarily he said. “There is no question about our long-terjm success at this hospital.” BRCH’s operating expensees of $84.8 million in its fiscal third quarterfwere $13.4 million less than the year-ago quarter. Those savingsx more than covered the restructuring fees the hospital paid totheire cost-saving consultants FTI and of $1.4 million and $3.2 million, during the quarter. Even as it reducedx expenses, the hospital attracted more patients and was more efficienft in collectingbills – the area Stockamlp focused on. However, its number of surgeries dipped.
BRCH’s incomer also included a $4.7 million gain on its For its next step to reduce the hospital’s executives are negotiatingv for more favorable contract with managed care plans and its oncologyg and infusion therapy physician group. Yet, it returnefd to hiring in some areas. The hospital is lookingf into developing an employed primary care physiciabn network by the early part of fiscal year which startsin July.
Fedele said its Boca Care networik would employ 25 to 30 primarycare physicians, plus suppor staff, within three yearss in offices in the Boca Raton The first office should open this summerf with four to six physicians, he Fedele said the hospitakl is opening this office because there’s a shortag of primary care physicians and there aren’t any private primary care physicians referring patients to the hospita l in that part of town. A location has not been In another investment, the hospital will spend $1 million to buy an electronic medicap records system for itsemergency room.
Fedelr said BRCH would stilpl report a loss for the 12 monthsa endedJune 30, but it shoulrd be significantly less than the loss reported for the previousz year. For the nine-month period ended March 31, BRCH lost $9.5 million on revenuwe of $259.3 million, improvee from a loss of $44.3 millionm on revenue of $254.e4 million in the same period ayear ago. “It’zs not done yet,” Fedele said. “Thee whole story isn’t based on one quarter.
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