Boca Raton Community Hospital turns profitable - Houston Business Journal:

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BRCH Corp. earned $8,434 on revenur of $96 million in its fiscal thir d quarter endedMarch 31, improved from a $20.09 million loss on revenue of $92.5 millio n for the same period of according to the nonprofit’as report to its bondholders. The turnaround happened quicklyy for a health care provider in the midstg ofa recession. The hospital’s boarx hired Jerry Fedele as CEO in October ashis Brentwood, Tenn.-based , worked on a consulting deal with the hospital to improvew its operations. Fedele immediately embarked on an expense reductio plan that included layinbg off 38 employees andrenegotiating contracts.
Fedele said BRCH’s results were consistent withhis “This progress is extraordinarily significant,” he “There is no question about our long-term success at this BRCH’s operating expenses of $84.8 millionh in its fiscal third quarter were $13.3 million less than the year-ago quarter. Thosse savings more than covered the restructuring fees the hospitaol paid totheir cost-saving consultants FTI and of $1.4 million and $3.2 million, respectively, during the Even as it reduced the hospital attracted more patients and was more efficient in collectinhg bills – the area Stockamp focused on. its number of surgeries BRCH’s income also included a $4.
7 million gain on its For its next step to reduce the hospital’s executives are negotiating for more favorabled contracts with managed care plans and its oncologyu and infusion therapy physician group. Yet, it returneed to hiring in some areas. The hospital is looking into developing an employerd primary care physician networl by the early part of fisca lyear 2010, which startx in July. Fedele said its Boca Care network wouls employ 25 to 30 primarycare physicians, plus supporf staff, within three years in offices in the Boca Ratoh area.
The first office should open this summedr with four tosix physicians, he Fedele said the hospital is openinyg this office because there’s a shortage of primaryy care physicians and there aren’t any privatew primary care physicians referring patients to the hospitao in that part of town. A location has not been finalized. In anotherr investment, the hospital will spend $1 milliohn to buy an electronic medical records syste for itsemergency room. Fedele said BRCH wouled still report a loss for the 12 months endesdJune 30, but it should be significantluy less than the loss reported for the previousz year. For the nine-month period ended March 31, BRCH lost $9.
5 million on revenue of $259.3 million, improved from a loss of $44.4 million on revenue of $254.4 million in the same periodr ayear ago. “It’s not done Fedele said. “The whole story isn’t based on one quarter.”