Grady Hospital CEO Gets Bonus for Successful Turnaround
Michael Young, CEO of Grady Memorial Hospital in Atlanta, is getting a bonus of nearly $300,000 for his successful turnaround of the hospital, according to a report by WSB TV News.When Mr. Young arrived two years ago, the 953-bed public hospital reported a $50 million operating deficit. It is now $34 million in the black, according to a report last month. It is the first time Grady reached a positive operating margin in a decade.
Grady Board Chair Pete Correll said the board set a goal for Mr. Young to reach a $25 million cash improvement in 2009 over 2008, and he actually produced a $60 million improvement.
Mr. Correll expected some would criticize a public hospital CEO getting a large bonus, but "if somebody says I can make you $60 million, but it'll cost you $300,000, that's a wonderful trade-off I'd like to do for a living."
Read the WSB TV report on Grady Memorial Hospital.
Read Becker's interview with Mr. Young.
Read other Becker's reports on Mr. Young and Grady.
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