With three consecutive years of budget surpluses and improving financial indicators, Jackson Health System continues to recover from past fiscal crises, according to an independent audit of Miami-Dade’s taxpayer-owned public hospital network.
The audit by KPMG affirmed that Jackson closed the year that ended Sept. 30 with $50.5 million in surplus revenues over expenses while days of cash on hand — a basic measure of money in the bank — improved to 41 days for the same period.
Perhaps most notably, said Mojdeh Khaghan, treasurer of the Public Health Trust that runs Jackson, the public hospital system is no longer considered by auditors as an on-going risk.
“Thankfully, we had a clean audit again,’’ Khaghan said at a Tuesday meeting. “We are now a non-risk auditee, so that’s a wonderful thing.”
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Another positive sign: Jackson’s assets for the year ending Sept. 30 were slightly more than $1 billion, while its liabilities totaled about $891 million — meaning the hospital system has enough money to pay its bills.
Still, Jackson faces significant challenges ahead, including lower-than-expected patient volumes in hospitals and outpatient centers, as illustrated in the hospital system’s financial performance report for January.
The potential loss of about $200 million a year in supplemental funding from the federal government for hospitals that treat large numbers of uninsured and under-insured patients also looms as a risk, noted Chief Executive Officer Carlos Migoya.