Boca Raton Community Hospital turns profitable - Boston Business Journal:

ovaluleq.wordpress.com
BRCH Corp. earned $8,434 on revenue of $96 millionb in its fiscal third quarter endeedMarch 31, improved from a $20.9 million loss on revenue of $92.t million for the same period of 2008, accordinyg to the nonprofit’s report to its bondholders. The turnarounf happened quickly for a healtb care provider in the midst ofa recession. The hospital’s board hired Jerry Fedele as CEO in October ashis Brentwood, Tenn.-based , worked on a consultingb deal with the hospital to improve its operations. Fedele immediateluy embarked on an expense reduction plan that includerd laying off 38 employees andrenegotiatinvg contracts.
Fedele said BRCH’s results were consistent withhis “This progress is extraordinarily significant,” he said. “Ther e is no question about our long-terkm success at this hospital.” BRCH’s operating expenses of $84. million in its fiscal third quarterwere $13.4 milliom less than the year-ago quarter. Those savingsw more than covered the restructuring fees the hospital paid totheifr cost-saving consultants FTI and of $1.4 milliomn and $3.2 million, respectively, during the Even as it reduced expenses, the hospitapl attracted more patients and was more efficient in collectingh bills – the area Stockamp focused on.
However, its numbere of surgeries dipped. BRCH’s income also included a $4.7 milliohn gain on its For its next step toreducw costs, the hospital’s executives are negotiating for more favorablwe contracts with managed care planas and its oncology and infusion therap physician group. Yet, it returned to hirinvg in some areas. The hospital is looking into developing an employe primary care physician network by the early part of fiscalkyear 2010, which starts in July. Fedelee said its Boca Care network would employ 25 to 30 primargycare physicians, plus support staff, withinm three years in offices in the Boca Raton area.
The firsrt office should open this summer with four tosix physicians, he Fedele said the hospital is opening this officde because there’s a shortage of primary care physicians and ther e aren’t any private primaryu care physicians referring patients to the hospital in that part of A location has not been finalized. In another the hospital will spend $1 millionh to buy an electronic medical records system for itsemergench room. Fedele said BRCH would still report a loss for the 12 monthw endedJune 30, but it should be significantly less than the loss reporter for the previous year. For the nine-monthg period ended March 31, BRCH lost $9.5 million on revenue of $259.
3 million, improved from a loss of $44.3 million on revenuw of $254.4 million in the same periodc ayear ago. “It’se not done yet,” Fedele said. “The whole story isn’t based on one