Erlanger Health System officials reported a $12.7 million profit for its second quarter and $20 million for the year so far – already outpacing its performance for all of the previous fiscal year.
“This is unprecedented, what I’ve got to say tonight,” Britt Tabor, the hospital’s longtime chief financial officer, told a room packed with physicians and administrators during the hospital’s budget and finance meeting Monday evening.
Tabor and other hospital officials called the latest report proof that the hospital’s financial recovery is not “just a flash in the pan.” This time last year, the hospital was posting a $1.5 million deficit. The hospital had previously suffered from three years of financial losses before posting a profit last year.
The hospital saw a surge in patient admissions in the last quarter – 10 percent up from what it saw at this time last year. The hospital reported that its market share in the area – how much business it gets compared with other hospitals in the area – had grown from 30 percent to 32 percent.
The hospital expects the recovery to continue. Next quarter should be significantly ahead of budget, officials say.
During the meeting, board members also approved to spend $8 million to relocate and expand its orthopedic surgery suites and $1 million to build a new outpatient oncology clinic and infusion center at the Erlanger East campus.