For next year, Jackson administrators expect their annual revenues to drop to $1.14 billion compared to $1.17 billion in 2013.
But the system’s total operating expenses for 2014 also are expected to decrease by about $12 million, from $1.5 billion in 2013 to $1.49 billion in 2014.
Jackson’s annual funding from the county’s half-penny sales tax and property taxes will close the gap left by expenses that exceed revenues. That annual county funding is projected to increase by about $12 million over this year’s amount to a total of about $350 million in 2014.
Jackson’s other revenues will come from patient services and admissions, which are projected at $1 billion net; the hospital system health plan, which is expected to produce a profit of $660,000; federal grants and reimbursements from government healthcare programs.
Among the hospital’s key investments for 2014 are $10 million in information technology to help convert paper medical records into electronic health data that will reduce errors and improve billing.
Jackson’s capital plan calls for a $100 million investment through 2024 in upgrades to the hospital system’s information technology systems.
“There’s no question that’s the right kind of spend for Jackson to make at this juncture,” Migoya said.
Another key investment is the hiring of 150 additional full-time staff, primarily bedside nurses and community physicians who are expected to refer patients to Jackson for hospitalization when necessary.
While Jackson invests in the future, though, the hospital system estimated 10,000 full-time employees will enter their third year without a merit increase or pay raise. Employees also will continue to pay 5 percent of their salaries toward health insurance and 3.2 percent toward their pension plan in the Florida Retirement System.
The budget assumes no reductions in service, though the geriatric psychiatric program at Jackson North is scheduled to close and its estimated 600 patients a year will receive treatment at Jackson Memorial’s main campus.