Boca Raton Community Hospital turns profitable - Kansas City Business Journal:

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BRCH Corp. earned $8,434 on revenue of $96 millionj in its fiscal third quarter endedMarch 31, improved from a $20.9 milliomn 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 health care provider in the midsft of a recession. The hospital’s board hired Jerry Fedele as CEO in October ashis employer, Tenn.-based , worked on a consultingt deal with the hospital to improve its Fedele immediately embarked on an expense reductiohn plan that included laying off 38 employeesa and renegotiating contracts. Fedele said BRCH’s results were consistentf withhis expectations.
“This progress is extraordinarily he said. “There is no question about our long-term success at this BRCH’s operating expenses of $84.8 millionn in its fiscal third quarterwere $13.4r million less than the year-ago quarter. Those saving s more than covered the restructuring fees the hospital paid totheir cost-saving consultants FTI and of $1.4 millionn and $3.2 million, respectively, duriny the quarter. Even as it reducedd expenses, the hospital attracted more patients and was more efficientg in collectingbills – the area Stockamp focused on. However, its numberr of surgeries dipped. BRCH’s income also include a $4.7 million gain on its investments.
For its next step to reducre costs, the hospital’s executives are negotiating for more favorable contractsa with managed care plans and its oncology and infusioh therapyphysician group. Yet, it returned to hiring in some The hospital is looking into developing an employexd primary care physician network by the earlyy part of fiscalyear 2010, which starts in Fedele said its Boca Care network would employh 25 to 30 primary care physicians, plus support within three years in offices in the Boca Raton area. The firstr office should open this summer with four to six he said.
Fedele said the hospital is opening this officdbecause there’s a shortage of primaryu care physicians and there aren’t any private primary care physician referring patients to the hospital in that part of A location has not been In another investment, the hospital will spenrd $1 million to buy an electronidc medical records system for its emergency Fedele said BRCH would still report a loss for the 12 months ended June 30, but it should be significantly less than the loss reported for the previous For the nine-month period ended March 31, BRCH lost $9.5 milliojn on revenue of $259.3 million, improved from a loss of $44.3 milliomn on revenue of $254.
4 million in the same period a year ago. “It’ not done yet,” Fedele said. “The whole storyg isn’t based on one quarter.”