The hospital’s finances were boosted by an increase in patient service revenue, which grew to $233 million in FY 2016, up 8 percent from FY 2015. Operating expenses were $238 million, down 8 percent from the year prior.
HUH’s previous profitable year was 2012. In October 2014, Howard University, the licensed operator of HUH, entered into a management services agreement with Segundo, Calif.-based Paladin Healthcare. The hospital said the collaboration brought new senior leaders and other managers who took over day-to-day hospital operations under the joint oversight of Howard University and Paladin Healthcare management.
“Over the past two years, Howard University and Paladin Healthcare have embarked on a large-scale strategic restructuring plan for the hospital,” Howard University President Wayne A. I. Frederick, MD, said in a statement. “Today, Howard University Hospital is emerging as a stronger institution. We will always be grateful to the people of the District of Columbia and to our employee groups for helping us preserve top-quality care to the community we serve.”
More articles on healthcare finance:
CRM is the new RCM: How a CRM platform can help hospitals accelerate growth and increase revenue
Ascension’s expansion efforts pay off as operating surplus swells to $753M
7 hospitals receive credit downgrades in past month
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
