Memorial Healthcare System boosts profit 91% in fiscal 2015

Thursday, June 25, 2015

The Memorial Healthcare System reported its earnings soared 91 percent in its recent fiscal year, after seeing more patients and driving down charity care costs.

The public health system for southern Broward County earned $189.7 million for the 12 months ended April 30, compared to earnings of $99.6 million for the previous fiscal year. It collects property tax revenues, but it didn’t need them to turn a profit this time.

MHS grew its net revenue to $1.76 billion, from $1.57 billion. Patient admissions totaled 72,125, up 6.2 percent.

The health system reduced its charity care deductions to $300.6 million in fiscal 2015, from $455.4 million the year before. However, its expense for bad patient debt increased to $483.5 million, from $443.5 million.

Looking at MHS’ individual hospitals in fiscal 2015:

  • • Memorial Regional Hospital earned $55.2 million, up from $26.7 million the year before.
  • • Memorial Hospital West earned $127.1 million, up from $91.8 million.
  • • Memorial Hospital Miramar earned $44 million, up from $39.2 million.
  • • Memorial Hospital Pembroke earned $5.6 million, compared to a loss of $5.8 million.
  • • Memorial Regional South earned $64,562, compared to a loss of $5.5 million.
     

 

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