Week of June 2, 2011
Best month, but Jackson Health System ink still red By Ashley Hopkins Despite growing in-patient volume and $130.9 million operating revenue that led to the best month of the year, scrambling Jackson Health System fell short of the $33 million needed to make ends meet in March, leaving officials scraping for $35 million from the state entering another difficult budget year. Reports Tuesday to the Financial Recovery Board revealed that on March 31 the county-owned hospital had $89.4 million in cash and investments and 21 days of cash on hand. While Jackson had 19.6 days of cash in February, last March it could cover 22.6 days. In-patient revenues have risen, with $254.2 million collected throughout March, up from February's $226.2 million. Although numbers are improving, Jackson hasn't hit sustainability. While operating revenue rose from $108.9 million in February to $130.9 million in March, in March 2010 the hospital pulled in $135.2 million. Painfully, operating expenses are also rising. In March they hit $164.1 million, up from $149.2 million in February and $161.4 million in March 2010. Mark Knight, Jackson's chief financial officer, said March has been the fiscal year's strongest month. If trends continue, he said, he expects to report $92.4 million in cash and investments and 22 days of cash on hand as of April 30. While Gov. Rick Scott has agreed to release $35 million in stimulus funds to help support operations at the cash-strapped hospital, according to Carlos Migoya, Jackson's CEO, hospital officials should receive an update on the status of the funds today (6/2). Mr. Migoya said Jackson officials will hold departmental budget hearings and meet with the county commission throughout June to discuss the next year's budget. Read Miami's most anticipated issue of the year online: The Best of Miami. Subscribe now to e-Miami Today. |
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