A Securities and Exchange Commission filing cited by the publication shows hospital expenses rose 10 percent in the fiscal year ended May 31 compared to the year prior. At the same time, revenues decreased from $384.9 million in 2016 to $376.7 million in 2017.
Overall, the hospital posted a deficit of $94.5 million in 2017 compared to a deficit of $45.2 million the year prior.
The hospital’s financial struggles are largely attributed to operating expenses, which have risen 28 percent since 2014, according to the Miami Herald. However, a decrease in admissions has also taken a toll. Admissions dropped from 22,003 in 2016 to 21,413 this year, while the hospital’s average daily census went from 344 to 322 during that same time period.
Amid the hospital’s financial struggles, university administrators began layoffs in May. Additionally, the University of Miami Health System recently revealed a reorganization of locations that involves forming “a fully integrated academic healthcare system“ through consolidation of UM Hospital, Bascom Palmer Eye Institute and Sylvester Comprehensive Cancer Center under one license, UHealth spokesperson Lisa Worley told the Miami Herald. This change included changing the name of UM Hospital to UHealth Tower.
The report notes UHealth as a whole remains profitable with 2017 earnings of $83 million.
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