JACKSON HEALTH SYSTEM ENDS THE YEAR WITH MORE THAN $50 MILLION IN SURPLUS

Miami, FL — For the third consecutive year, Jackson Health System has ended the year with a surplus, marking yet another milestone in its continued transformation. The system’s year-end surplus for fiscal 2014 is estimated at $50.7 million – more than four times its budgeted $11.6 million surplus.

“Over the last year, we faced a more difficult and competitive healthcare market, we reinvested in personnel, technology and infrastructure, and we continued providing the highest quality care to the people of Miami-Dade County – all while remaining financially strong,” said Carlos A. Migoya, president and CEO of Jackson Health System. “There is no doubt that Jackson has turned a corner towards long term sustainability for future generations.”

The 2014 surplus nearly equaled the system’s unprecedented surplus of $51.6 million in 2013. Jackson’s fiscal improvement can be attributed to operating surpluses at Jackson Memorial Hospital, Jackson North Medical Center and Jackson South Community Hospital, an increase in sales-tax revenues from Miami-Dade County, and effective expense management.

Another indicator that Jackson’s finances have stabilized is its days of cash on hand, a barometer of financial solvency. When the fiscal year ended on September 30, Jackson had more than 41 days of cash on hand – a dramatic improvement over the 27 days in the prior year, and a low of 8.8 days in 2012.

Jackson’s budget surpluses are entirely reinvested into its operations, capital improvements, and its employees, through salary and benefit packages aimed at attracting and retaining the most talented pool of healthcare professionals.
 
Much of the focus in 2015 will be on making Jackson more attractive and accessible for patients and visitors. Work will begin on building a new rehabilitation hospital on the University of Miami/Jackson Memorial Medical Center campus; an urgent care initiative will be launched to bring Jackson’s unmatched medical care into communities throughout Miami-Dade County; renovations will continue in Jackson’s existing, aged facilities; and specialized programs, such as the Miami Transplant Institute and Jackson’s world-class neurosurgery service, will continue to grow. Newly approved agreements with Jackson’s labor unions have also created powerful new ways for employees and managers to work together toward efficiency and innovation.

“Jackson has overcome hurdles and achieved successes over the last three years that no one thought was possible,” Migoya said. “Our community should be proud that Jackson’s treasured mission is more secure than ever.”