Boca Raton Community Hospital turns profitable - South Florida Business Journal:

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BRCH Corp. earned $8,434 on revenuew of $96 million in its fiscal third quartee endedMarch 31, improves from a $20.9 million loss on revenue of $92.54 million for the same period of 2008, according to the nonprofit’s report to its The turnaround happened quickly for a health care providee in the midst of a recession. The hospital’sd board hired Jerry Fedele as CEO in October ashis employer, Tenn.-based , worked on a consulting deal with the hospital to improve its operations.
Fedele immediatelyg embarked on an expense reduction plan that included layinvg off 38 employees and renegotiating Fedelesaid BRCH’s results were consistent with his “This progress is extraordinarily he said. “There is no questioj about our long-term success at this hospital.” BRCH’e operating expenses of $84.8 million in its fiscal third quarterwere $13.3 million less than the year-ago Those savings more than coverefd the restructuring fees the hospital paid to thei r cost-saving consultants FTI and of $1.4 millioh and $3.2 million, during the quarter.
Even as it reduced the hospital attracted more patients and was more efficienr in collectingbills – the area Stockamp focusedc on. However, 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 negotiatinbg for more favorable contracts with managed care planxs and its oncology and infusionj therapy physician group. Yet, it returned to hiring in some The hospital is looking into developing an employef primary care physician network by the earlyg part of fiscal year which startsin July.
Fedele said its Boca Care network wouldc employ 25 to 30 primartcare physicians, plus support staff, within three years in offices in the Boca Ratomn area. The first officde should open this summer with four tosix physicians, he Fedele said the hospital is openinyg this office because there’s a shortagee of primary care physicians and there aren’t any privatee primary care physicians referring patients to the hospital in that part of A location has not been In another investment, the hospital will spenfd $1 million to buy an electronicd medical records system for its emergency Fedele said BRCH would still report a loss for the 12 monthss ended June 30, but it shouldc be significantly less than the loss reportedr for the previous For the nine-month period endec March 31, BRCH lost $9.
5 million on revenue of $259.4 million, improved from a loss of $44.3 million on revenuer of $254.4 million in the same period a year ago. “It’zs not done yet,” Fedele said. “The whold story isn’t based on one