Foundation Hospital posts $1.6 million profit for year
Franklin Foundation Hospital ended its fiscal year on Sept. 30 with a $1.6 million profit, according to reports delivered Thursday to the Hospital Service District 1 Board of Commissioners.
Hospital Chief Financial Officer Ron Bailey said there was a $136,432 profit in the month of September, which was $34,622 over projections. The end of the year profit exceeded projections by more than $1 million, he said.
Factors impacting the September bottom line included receipt of a $185,000 Rural Hospital Upper Payment Limit for the 2012 first quarter and a $148,000 cost receivable from review of the 2009 Medicaid and 2010 Medicare cost reports.
Gross patient revenues were at $2.8 million on the month or 6.7 percent over budget. Pharmacy and imaging departments were credited for putting outpatient revenues ($1.7 million) ahead of projections by $55,000 and $23,000, respectively.
Physicians’ office revenue was ahead of budget by $97,937 due to the Women’s Health and Orthopedic clinics that were not included in the budget.
In other reports, Chief Executive Officer Parker Templeton delivered a nine-page list of accomplishments that included the following highlights:
—Reached several new benchmarks to improve customer service that included increased overall patient satisfaction to 87.65 percent, inpatient satisfaction to 91.52 percent, and emergency room satisfaction to 86.77 percent.
—Implemented numerous programs to provide and demonstrate safe, quality care. They included completion of the first year of the telestroke program in affiliation with Ochsner Health System; offering education classes on diabetes; and implementing a prenatal system to provide electronic charting and surveillance for obstetrics patients.
—Maximized financial performance while buying more than $766,000 in new equipment for various departments.
—Opened the women’s health clinic with Dr. Rebecca Accardo and orthopedic clinic with Dr. John Osbourne; acquired the former Teche Diagnostic Imaging Center building and converted it for Dr. Osbourne and other physician offices; continued planning for a new physicians office adjacent to the hospital; recruited Accardo and Osbourne as well as added Drs. Bill Delgado in OB/GYN, Matthew Loughlin in urology and Mayra Bustillo in pediatrics to the staff.