Boca Raton Community Hospital Ends Fiscal Year Profitable

BOCA RATON, Fla., Aug. 11 /PRNewswire/ -- Officials at Boca Raton Community Hospital (BRCH) today announced that its unaudited financial results for the fiscal year ending June 30, 2010 show the institution earning a profit of just over one-half million dollars. This achievement represents a $120 million improvement in the Hospital's financial results from 2008 and marks the first time the Hospital has been profitable since 2006. Approximately half of the $120 million improvement is attributable to improvements in operating performance with half attributed to changes in non-operating gains and losses and one-time adjustments recorded in 2008.

Importantly, the Hospital also realized an income from operations of $2.0 million in the fourth quarter of the fiscal year and now has demonstrated two straight quarters of a positive bottom line operationally.

"Our fiscal year results are outstanding news for our Hospital, our staff... and for our local residents," said Jerry Fedele, President and CEO at BRCH. "Just 18 months ago, this important community asset faced daunting financial pressures. The financial improvement has stabilized our position and is certainly one of the most significant turnarounds in the healthcare industry. It is strong testimony to the talents - and the dedication - of our physicians, nurses, support staff, volunteers and philanthropists who made this amazing comeback possible."

Fedele also emphasized the importance of the Hospital's recent gains from operations. "Establishing and sustaining operational profitability is critical to a hospital's success," he said. "We are very encouraged by our recent results in this regard."

For the year, BRCH realized total operating revenues of $346.5 million on adjusted admissions of 39,313. Operating EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) was $27.8 million, an $18.8 million improvement over the prior year and a $63.4 million improvement compared to 2008.

During fiscal year 2010, operating expenses were reduced by nearly $9 million as compared to the prior year and $32.2 million from fiscal year 2008. "We were successful in managing our expenses while improving our capabilities and programmatic strengths," Fedele said. He noted that the Hospital was designated by HealthGrades as a "Distinguished Hospital for Clinical Excellence"  in 2010 and was ranked by HealthGrades number one in the state of Florida for both cardiac surgery and gastrointestinal care, number two for stroke care and number three for overall cardiac services. The Hospital's Emergency Medical Services and women's health programs were also listed in the top five percent nationally.

"It gives us great satisfaction to see such material progress on our finances and the burgeoning clinical strengths we are presenting as a sophisticated, tertiary medical center in south Florida," commented Fedele. "Yet we cannot rest on these immediate accomplishments," he added. "We must continue to stay focused on the tasks, challenges and opportunities before us so we can sustain this most positive momentum."

It is anticipated that the BRCH Corporation and Affiliates consolidated financial statements with the report of independent certified public accountants and Management's Discussion and Analysis for fiscal year 2010 will be completed by the end of October, 2010.

Community Medicine. Redefined.

Born out of community need in 1967, Boca Raton Community Hospital is an advanced tertiary medical center (www.brch.com) with 400 beds and more than 700 primary and specialty physicians on staff. The hospital is a recognized leader in oncology, cardiovascular disease and surgery, minimally invasive surgery, orthopedics, women's health and emergency medicine, all of which offer state-of-the-art diagnostic and imaging capabilities. The Hospital is a Joint Commission Designated Primary Stroke Center.

SOURCE Boca Raton Community Hospital