Miami, FL – Jackson set another milestone in 2013, exceeding its budget for the second consecutive year and ending with an unprecedented surplus in its continued transformation. Jackson’s year-end surplus is estimated at nearly $45.8 million – exceeding the health system’s aggressive budget by almost 30 percent.

“Skeptics said Jackson’s progress would be unsustainable, but we have proven them wrong,” said Carlos A. Migoya, president and CEO of Jackson Health System. “Over the last two years, Jackson has undergone a dramatic turnaround that our community should be proud of and we are continuing to work hard to secure Jackson’s long-term sustainability for future generations.”

Over the last year, Jackson has successfully expanded its patient base and grown the business of providing for the health care of the people of Miami-Dade County and beyond. More than 73,000 people made the decision to choose Jackson facilities for inpatient or observation care, nearly a 2 percent increase over the prior year and more than 2 percent over budget.

The fiscal improvement does not end there. Cash on hand, a barometer of financial solvency, improved dramatically. Today, Jackson has more than 27 days of cash on hand, compared to a low of just 8.8 in August 2012.

Patient bills are being paid sooner than they were a year ago and payments are being collected more quickly. That in turn translates in to paying vendors faster and being able to take advantage of prompt-payment discounts. Our revenue-cycle team set new records including point-service-collections and an $8 million increase in cash collection. These results are clearly another indicator of the vast reforms that have been implemented at Jackson – reforms that have inspired confidence among our taxpayer-owners and voters in Miami-Dade County.

“We have gotten past one hurdle of Jackson’s transformation, taking the health system from the verge of bankruptcy to profitability,” Migoya said. “There is more progress to be made, but I am so proud of the foundation that we have set.”