Despite economic pressures on rural hospital systems, Midland (Texas) Hospital is predicting a strong financial year with its 2023 budget, chron.com reported Jan. 4.
In 2022, the hospital saw a $16.9 million operating cost increase from contract labor. The hospital budgeted a 42 percent decrease in contract labor costs for 2023.
To help retain labor, the hospital is giving a 5 percent merit increase for fiscal year 2023 to its staff and implementing a new $16 minimum wage.
"Over the course of the next three years, we will be focusing on four primary strategic priorities to help us accomplish our mission," Midland CFO Marie Castro wrote in chron.com. "Those priorities are financial focus, knowledge management, quality and customer engagement and workforce development."