Healthcare

Jackson Health System shows plus of $15.9 million in September

 

jdorschner@MiamiHerald.com

After losing $419 million the past three years, Jackson Health System finished in the black by $1.5 million for its fiscal year that ended Sept. 30, Chief Executive Carlos Migoya announced Tuesday.

Jackson executives said last week they expected to finish in the black for the first time since 2006 but the excat figure had not been determined. The result was caused by another $15.9 million surplus in September, which executives attributed to a year-end “cleanup” of financial matters.

After a $81 million loss in fiscal 2011, Migoya said the turnaround was sparked by management’s strong cost-cutting, which lowered operating expenses by $295 million.

About $164 million of that came from drastic restructuring of the Jackson Memorial Health Plan. Another $97 million was found in cutting labor costs, eliminating about 900 full-time employees and then rehiring more than 300-part-timers, plus reduced overtime and temp agency staffing as well as changes in pension funding. In the process, Jackson’s full-time workforce dropped by 9.5 percent, Migoya said.

Jackson also cut supply costs by $22 million. Outside contractors and service providers were reduced by $32 million.

Fewer supplies and services were needed in many areas because in-patient admissions dropped by 4,600 over the year. Operating room volume was down by 10 percent at Jackson Memorial, the system’s flagship hospital.

“We are addressing this in 2013 through growth initiatives such as enhanced physician recruitment,” Migoya said.

Read more Healthcare Reform stories from the Miami Herald

Miami Herald

Join the
Discussion

The Miami Herald is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

The Miami Herald uses Facebook's commenting system. You need to log in with a Facebook account in order to comment. If you have questions about commenting with your Facebook account, click here.

Have a news tip? You can send it anonymously. Click here to send us your tip - or - consider joining the Public Insight Network and become a source for The Miami Herald and el Nuevo Herald.

Hide Comments

This affects comments on all stories.

Cancel OK

  • Marketplace

Today's Circulars

  • Quick Job Search

Enter Keyword(s) Enter City Select a State Select a Category