Unexpected revenues help Jackson Health System
04/17/2014 4:43 PM
04/17/2014 4:45 PM
An unexpected bump in Miami-Dade sales tax receipts, and a one-time capital reimbursement from a prior year’s bond program helped even out a rocky financial month for Jackson Health System, which experiencd lower-than-projected patient admissions and slight increases in labor and other costs in March, according to executives at the public hospital network.
Mark Knight, chief financial officer for Jackson, reported Thursday that March was “kind of a mixed bucket of a month.’’ Patient admissions are about 4 percent behind projections, and length of stay has been flat. But the mix of patients has improved, with fewer uninsured.
Jackson’s estimated $1.5 billion annual operating budget also must absorb the end of a 5 percent contribution that employees were making toward their health insurance, creating an additional expense of about $2 million a month.
But a $500,000 spike in sales tax revenues for March, a $300,000 contribution from the nonprofit Jackson Memorial Foundation and other non-recurring revenues helped even out the ledger.
“If you look at just net gains from operations, we’re behind budget for the month and year to date,’’ Knight said. “But we’re picking up that shortfall in our non-operating revenues.’’
For the six months ended March 31, Knight said, Jackson is running a surplus of about $8.8 million, compared to a budget forecast of $3.1 million.
— DANIEL CHANG
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