The system’s CFO Mark Knight told the Miami Herald the nearly $7 million above the previous estimate was due to larger-than-required reserves for malpractice and workers’ compensation claims. Mr. Knight also noted it was the first time in four years that no material weaknesses were uncovered by auditors.
Much of the turnaround is also due to improved collection practices and reduced staffing costs totaling $43.1 million after layoffs and staff restructuring last spring, according to the report. The system closed the fiscal year safely in the black despite shrinking patient revenues and volume.
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