Charleston hospital's finances improve after 3 years of losses

After three straight years of operating losses, Charleston, S.C.-based Roper St. Francis Hospital has posted an operating gain, according to The Post and Courier.

Roper St. Francis reported $2.7 million net operating income in fiscal year 2019. This compares to a net operating loss of $7.9 million in fiscal year 2018.

Roper St. Francis has been operating at a loss since 2016. The squeeze on its finances came from cuts to Medicaid, the effects of the ACA and severe weather storms that left the hospital without income for days, Bret Johnson, Roper St. Francis' CFO, told the publication.

"We've been clawing our way back since 2016," Mr. Johnson said. "2019 was a much improved year, from an earnings perspective."

In addition to its increase in net operating income, the system also saw its revenue grow about 4 percent, to $958 million in fiscal year 2019. 

Roper St. Francis said part of its improved finances can be attributed to its new hospital that opened last October. The 50-bed Berkeley Hospital in Summerville, S.C., has doubled its budgeted expectations in the first three months of operations, according to the report. 

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