CBS 4: Jackson Posts $45 Million Surplus

[Excerpted from CBS Miami. Original link here.]

Jackson Health System announced an unprecedented budget surplus Wednesday of nearly $45.8 million dollars.

This is the second consecutive year the public health system has ended its year with a surplus.

“Skeptics said Jackson’s progress would be unsustainable, but we have proven them wrong,” said Carlos A. Migoya, president and CEO of Jackson Health System. “Over the last two years, Jackson has undergone a dramatic turnaround that our community should be proud of and we are continuing to work hard to secure Jackson’s long-term sustainability for future generations.”

Over the last year, Jackson has successfully expanded its patient base and grown the business of providing for the health care of the people of Miami-Dade County and beyond. More than 73,000 people made the decision to choose Jackson facilities for inpatient or observation care, nearly a 2 percent increase over the prior year.

Cash on hand, a barometer of financial solvency, is also reported to have improved dramatically. Today, Jackson has more than 27 days of cash on hand, compared to a low of just 8.8 in August 2012.

On Tuesday, November 5th, the voters of Miami-Dade County approved a bond issue worth nearly $830 million dollars to upgrade Jackson’s aging facilities.

“We have gotten past one hurdle of Jackson’s transformation, taking the health system from the verge of bankruptcy to profitability,” Migoya said. “There is more progress to be made, but I am so proud of the foundation that we have set.”

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