Boca Community loses $110 million, cuts staff
Posted
#206941
(In Topic #33760)
Wise Owl
Member since 2007
So I guess the hospital is officially off the table.
http://www.palmbeachpost.com/business/content/business/epaper/2008/06/30/0630bocacommunity.html
Posted
VIP DONOR
Member since 2007
Re: Boca Community loses $110 million, cuts staff
Lago said
"Of the $110 million in red ink, $50 million stems from the hospital's abandoned plan to build an academic medical center on the Boca campus of Florida Atlantic University."
So I guess the hospital is officially off the table.
http://www.palmbeachpost.com/business/content/business/epaper/2008/06/30/0630bocacommunity.html
Yep, guess so. May be for the best in a lot of ways: one, it frees up that area of land for future academic/residential development and two, even if it had been built, FAU may have been associated with a struggling hospital and the bad vibes that would result from that. We never really NEEDED the hospital anyway… it was just a bonus.
Posted
Wise Owl
Member since 2007
Re: Boca Community loses $110 million, cuts staff
Florida Atlantic University Owls
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Posted
VIP DONOR
Member since 2007
Re: Boca Community loses $110 million, cuts staff
Actually, it now looks like the hospital will be reconsidered in 2010 according to <a href="Topic Galleries - South Florida Sun-Sentinel.com">this article in the Sun-Sentinel</a>, posted after the previous article here.SeminOWL2006 said
We could always still build a hospital there, just find a stronger brand to move in.
Relevant quote:
Budget problems put teaching hospital on hold
By Peter Franceschina | South Florida Sun-Sentinel
11:27 PM EDT, June 30, 2008
Boca Raton Community Hospital is indefinitely shelving its plans to build a teaching hospital in partnership with two universities, following another tough financial year that saw $40 million in operating losses.
The Monday announcement coincided with the end of the hospital's fiscal year. Hospital officials said they were forced to write down about $50 million in expenses related to the development of the teaching hospital, but they hope to recover a large chunk of that as much as $30 million by selling an 80-acre property bought in anticipation of the project.
The nonprofit hospital has been taking aggressive steps to reduce costs and bring in more revenue, President and Chief Executive Richard Van Lith said.
He said officials would reconsider the teaching hospital proposal which was to be developed in partnership with Florida Atlantic University and the University of Miami once the hospital's finances are in better shape. Officials first announced a temporary halt to developing the teaching hospital in January.
"It will take two years to turn around our financial situation. We will be focused on that," Van Lith said. "Then we will likely go back to the table."
Posted
VIP DONOR
Member since 2007
Re: Boca Community loses $110 million, cuts staff
Boca Community loses $110 million, cuts staff
Boca Raton Community Hospital suffered a $110 million loss in its fiscal year ended June 30, leading to job and service cuts and the possible end of its affiliation agreement with local universities.
In a statement to employees that was distributed to the media on Tuesday, the nonprofit hospital said it has about $180 million in cash and investments on its balance sheet, but would take at least two years to turn around its operations.
Of its annual loss, BRCH attributed $60 million to operations, including decreased Medicare reimbursement, trouble with billing and collections, and losses in chemotherapy operations.
The other $50 million of its loss came from costs in planning and financing an academic medical center at Florida Atlantic University, which BRCH partners with to train University of Miami medical students. BRCH announced that it would defer building that new hospital "for the foreseeable future" and discuss removing the hospital from its academic affiliation agreement with the universities.
"It is disappointing that the academic affiliation agreement entered into two years ago will no longer continue as originally planned," FAU said through its media relations department. "It is important to note, however, that FAU's medical education program has never been conditioned on the continued participation of Boca Raton Community Hospital in the affiliation agreement. FAU's medical education program will continue to develop appropriately."
Whatever…
Posted
Wise Owl
Member since 2007
Re: Boca Community loses $110 million, cuts staff
owlcountry said
Here's a quote from a new <a href="Boca Raton Community Hospital loses $110M, sheds positions - South Florida Business Journal">South Florida Business Journal article:</a>
Boca Raton Community Hospital suffered a $110 million loss in its fiscal year ended June 30, leading to job and service cuts and the possible end of its affiliation agreement with local universities.
In a statement to employees that was distributed to the media on Tuesday, the nonprofit hospital said it has about $180 million in cash and investments on its balance sheet, but would take at least two years to turn around its operations.
Of its annual loss, BRCH attributed $60 million to operations, including decreased Medicare reimbursement, trouble with billing and collections, and losses in chemotherapy operations.
The other $50 million of its loss came from costs in planning and financing an academic medical center at Florida Atlantic University, which BRCH partners with to train University of Miami medical students. BRCH announced that it would defer building that new hospital "for the foreseeable future" and discuss removing the hospital from its academic affiliation agreement with the universities.
"It is disappointing that the academic affiliation agreement entered into two years ago will no longer continue as originally planned," FAU said through its media relations department. "It is important to note, however, that FAU's medical education program has never been conditioned on the continued participation of Boca Raton Community Hospital in the affiliation agreement. FAU's medical education program will continue to develop appropriately."
Whatever…
That does not sound good.
Posted
Wise Owl
Member since 2007
Re: Boca Community loses $110 million, cuts staff
Florida Atlantic University Owls
2007 Sun Belt Football Champions 2007 New Orleans Bowl Champions 2008 Motor City Bowl Champions 2011 Sun Belt Basketball Champions No Bowls without Owls
2007 Sun Belt Football Champions 2007 New Orleans Bowl Champions 2008 Motor City Bowl Champions 2011 Sun Belt Basketball Champions No Bowls without Owls
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