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.
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
