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Miami – Jackson Health System is pleased to announce yet another important milestone in the transformation of the system, resulting from improved management, cost containment and operational controls.
Jackson’s audited financials reported a final figure of $8.2 million of excess revenue over expenses. This reflects a one-year turnaround of nearly $90 million and brings to an end a string of losses totaling almost $430 million since 2007.
Last October, at the end of the fiscal year that closed September 30, 2012, Jackson reported interim financial results indicating that we had finished FY 2011-12 with $1.5 million of excess revenue over expenses. The improvement from the interim statement to the final audit is not surprising, as it is standard procedure for Jackson to be conservative when issuing preliminary end-of-year projections.
“There has never been a better time to be a patient, doctor or employee at Jackson,” said Carlos A. Migoya, president and CEO of Jackson Health System. “The foundation built last year will support the future that we all want to build.”
Unfunded capital and operating needs remain substantial challenges as Jackson strives to attract patients. Jackson is also bracing for large revenue cuts that could be associated with the enactment of state and federal healthcare reform in 2014.
“It is important not to overstate the significance of these results,” Mr. Migoya said. “Yet clearly the bright future we all envisioned for Jackson when this process began in 2011 is taking shape”
However, improvements in cash-collections for patient-care services, negotiated reductions in salaries and related costs and reduced spending on contractual and purchased services, Jackson was able to lower operating expenses by $222 million last year. Moving forward Jackson is poised to remain vigilant in our cost controls, focused on our growth initiatives, and true to our community mission.
The results of the audited financials will be presented to the Public Health Trust Financial Recovery Board Audit & Compliance Committee on Thursday, February 21.
To read the full audited financial report, please click here.
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