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Boca Community loses $110 million, cuts staff

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Boca Community loses $110 million, cuts staff

"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.

ERROR: A link was posted here (url) but it appears to be a broken link.

http://www.palmbeachpost.com/business/content/business/epaper/2008/06/30/0630bocacommunity.html
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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.

ERROR: A link was posted here (url) but it appears to be a broken link.

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.

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Re: Boca Community loses $110 million, cuts staff

We could always still build a hospital there, just find a stronger brand to move in.

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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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Re: Boca Community loses $110 million, cuts staff

SeminOWL2006 said

We could always still build a hospital there, just find a stronger brand to move in.
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.

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."

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Re: Boca Community loses $110 million, cuts staff

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…

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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.
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Re: Boca Community loses $110 million, cuts staff

FAU will keep moving forward with UM and we will just have to wait for them to straighten out…otherwise why not get another hospital to come and give us a medical center. With the prospect of that happening we could force Boca Community to grab a stake (as a partner) in it and abandon their old facility lest the competition drives them into true bankruptcy.

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
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