The publication reported:
”The not-for-profit hospital system was losing millions of dollars on its day-to-day operations. It fired CEO Sherrie Sitarik in September 2013, soon after Morgan became chair. And it was evaluating whether it should sell to another organization.“’It’s fair to say our strategy was unclear,’ said Morgan, 62. ‘We knew we were operating in a volume environment and needed to make a shift to a value environment, but (we) had not really plotted the road map to make that shift.” ‘
Dramatic signs of its turnaround, says Modern Healthcare:
“The $2.1 billion system posted an 8.7% operating margin in the first quarter of fiscal 2015—well above the not-for-profit industry average—compared with operating losses in the millions a little more than a year before. The system partly credits its turnaround to sizable investments in physicians and outpatient sites. Pay cuts and layoffs also helped improve its finances.”
But then, “non-for-profit” h0spitals are often more profitable than “for-profit” ones.
