Jackson Health System reported a surplus of $1.1 million in June -- its fourth straight month of positives results -- but cash on hand remains at a precarious 10 days.
“The results of our comprehensive efforts to reduce costs continue to ripple through the operation,” Chief Executive Carlos Migoya wrote in a memo to board members.
Because of layoffs, the number of full-time employees has dropped from 11,000 to 9,900 in the past year, Migoya reported. But, he warned, “cost-cutting can only be seen as a short-term solution that gives us the tools to produce long-term growth.”
Net patient revenue declined from May, and June was the first month that Jackson had to pay the University of Miami a “temporary transition payment of $3.6 million” until the entities work out a new type of operating agreement.
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June also benefited from a $5.6 million payment from Medicare to help boost the use of electronic medical records
For the first nine months of this fiscal year, Jackson has lost $18.1 million, compared to a $71.7 million deficit at this point in 2011.