The hospital board unanimously approved a $1.5 billion budget for 2017, despite projections the year will bring increased costs and reduced revenue, according to the report. Parkland is facing financial troubles due to a $105 million depreciation related to its new hospital, an 8 percent increase in costly emergency room visits and a less favorable payer mix. Half of the hospital’s patients are uninsured, 35 percent are on Medicaid, 7 percent are on Medicare and 8 percent have managed care plans, according to the report. Parkland expects a $40 million loss next year from Medicare, Medicaid and programs for the uninsured, according to the report.
To help offset these costs, Parkland has removed unfilled positions, salary market adjustments and incentive pay. It also plans to raise prices 5 percent and is projected to bring in 10 percent more in property tax revenue, according to the report. However, even with a $1.5 billion budget, it projects a $38.8 million shortfall, according to the report.
Now the Dallas County Commissioners Court must approve the budget. It will hold a public hearing Sept. 6 and a vote is expected Sept. 20, according to the report.
More articles on finance:
Orlando hospitals won’t bill victims of Pulse nightclub shooting
4 healthcare CFOs in the headlines
What drives high drug prices?
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
