The financial results add to several years of losses or low profits from patient care for Jewish & St. Mary’s. According to the report, the company has been affected in recent years by the recession, stiff competition and cheaper treatments for heart disease. Jewish & St. Mary’s also laid off 250 employees in March and spent a considerable amount of money on severance pay. These outgoing funds contributed to the $10.3 million patient care loss for the first three months of the year.
Jewish & St. Mary’s was able to make up last year’s $7.5 million deficit with income from its investment portfolio.
Hospital company officials said the company expects to show a profit this year, according to the report. In the last year, Jewish & St. Mary’s introduced a system of cut costs and improved processes that could save up to $63 million a year.
Read the Courier-Journal report on Jewish Hospital & St. Mary’s Healthcare.
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