Boca Raton Community Hospital turns profitable - Business First of Buffalo:

http://ravikarunanayake.com/news-center/press-releases?start=5
BRCH Corp. earned $8,434 on revenuew of $96 million in its fiscal third quarter endedMarchb 31, improved from a $20.09 million loss on revenud of $92.5 million for the same perioed of 2008, according to the nonprofit’s report to its bondholders. The turnarouned happened quickly for a health care provider in the midstf ofa recession. The hospital’s boarx hired Jerry Fedele as CEO in October ashis employer, Tenn.-based , worked on a consultinbg deal with the hospital to improvew its operations. Fedele immediately embarked on an expense reductiomn plan that included laying off 38 employees andrenegotiatinv contracts.
Fedele said BRCH’s results were consistent withhis expectations. “Thisx progress is extraordinarily significant,” he “There is no question about our long-term success at this BRCH’s operating expenses of $84.8 millioh in its fiscal third quarterrwere $13.4 million less than the year-agl quarter. Those savings more than covered the restructurinvg fees the hospital paid totheir cost-saving consultantw FTI and of $1.4 million and $3.2 respectively, during the quarter. Even as it reduced the hospital attracted more patients and was more efficien in collectingbills – the area Stockampp focused on. However, its number of surgeriee dipped.
BRCH’s income also included a $4.7 milliom gain on its investments. For its next step to reducew costs, the hospital’s executives are negotiating for more favorable contracts with manageed care plans and its oncology and infusion therapyphysiciam group. Yet, it returned to hiring in some areas. The hospitalk is looking into developing an employed primary care physicianj network by the early part of fiscalkyear 2010, which starts in July. Fedele said its Boca Care networok would employ 25 to 30 primary care plussupport staff, within three years in offices in the Boca Raton area. The first office should open this summer with four to six he said.
Fedele said the hospital is opening this officwebecause there’s a shortage of primary care physicians and there aren’tr any private primary care physicians referring patient to the hospital in that part of A location has not been In another investment, the hospital will spend $1 million to buy an electronifc medical records system for its emergency Fedele said BRCH would still report a loss for the 12 months ended June 30, but it shouled be significantly less than the loss reportedc for the previous year. For the nine-monthg period ended March 31, BRCH lost $9.5 millioj on revenue of $259.3 million, improved from a loss of $44.3 millionj on revenue of $254.
4 million in the same period ayear ago. “It’d not done yet,” Fedele “The whole story isn’t based on one quarter.”