U-M Hospitals & Health Centers Weathers Tough Economic Climate, Plans ... ( Fiscal year ends with positive margin...)

U-M Hospitals & Health Centers Weathers Tough Economic Climate, Plans for Growth

Date:6/18/2009

Fiscal year ends with positive margin after midyear cost-cutting efforts, but new fiscal year presents fresh challenges

ANN ARBOR, Mich., June 18 /PRNewswire-USNewswire/ -- Despite a very challenging economic environment, the University of Michigan Hospitals and Health Centers will end the fiscal year in the black later this month, according to preliminary results presented today at a meeting of the U-M Board of Regents. It is the thirteenth year in a row that the UMHHC has had a positive operating margin.

Also today, the Regents approved UMHHC's budget plan for the next fiscal year. It renews the challenge to end in positive territory, despite an economic climate that will continue to include declining revenue growth for care provided at U-M's three hospitals and 40 outpatient locations.

Positive margins are needed to fuel the growth and renewal -- in both physical facilities and human resources -- that will allow the U-M Health System to meet the rising demand for its nationally known patient care.

UMHHC is expecting to end fiscal 2009 with a margin of $14 million on operating revenues of $1.8 billion - a 0.8 percent margin that's smaller than a 3 percent goal set last spring. The target for 2010 is a 1.7 percent margin on revenues of $1.91 billion.

What kept the fiscal 2009 operating margin in positive territory was the diligent effort at all levels to use teamwork, collaboration and integration to contain costs while also serving more patients, says Doug Strong, MBA, the director and CEO.

"The collective efforts of our faculty and staff and administration, both those in direct patient care and the rest that support that care, made it possible for us to achieve a positive margin at a time when many of our peer institutions regionally and nationally are struggling," says Strong. "The coming year will likely be even more challenging. But the str
'/>"/>

1

GOOD

Page: 1 2 3 4
Related medicine news :

1. U.S. News & World Report Ranks Children's National Medical Center among Best Children's Hospitals
2. Childrens Named Among the Nations Top 10 Pediatric Hospitals by U.S.News & World Report
3. U.S. News Media Group Releases Rankings of Americas Best Childrens Hospitals
4. InfoLogix and HIA Advise Hospitals How to Obtain Maximum Share of $19B Healthcare Stimulus
5. GE Launches Program to Doctors, Hospitals to Accelerate EMR Adoption; First $100 Million of healthymagination Commitment
6. Tata Consultancy Services Launches New Business Intelligence Solution for Hospitals and Healthcare Providers
7. A new computer modeling program can help hospitals prepare for the worst
8. Imaging Advantage Launches Operations at Mercy Health Partners Metro Hospitals
9. Ohios Childrens Hospitals Release New Results of Collaboration Aimed at Saving Childrens Lives
10. Best Practices for Hospitals Moving to Electronic Medical Records
11. University HealthSystem Consortium Hosts Conference on How Hospitals are Responding to Changing Economics

Post Your Comments:

U-M Hospitals & Health Centers Weathers Tough Economic Climate, Plans ...( Fiscal year ends with positive margin...),Health