FIRST TIME SINCE CREATION IN 1999 AS A PUBLIC BENEFIT CORPORATION, NUHEALTH SYSTEM WITH NUMC AS ONLY SAFETY-NET HOSPITAL IN NASSAU COUNTY, ENDS YEAR 2009 IN THE BLACK WITH $804,000 SURPLUS - Press Release › NuHealth - Nassau Health Care Corporation

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FIRST TIME SINCE CREATION IN 1999 AS A PUBLIC BENEFIT CORPORATION, NUHEALTH SYSTEM WITH NUMC AS ONLY SAFETY-NET HOSPITAL IN NASSAU COUNTY, ENDS YEAR 2009 IN THE BLACK WITH $804,000 SURPLUS

FOR IMMEDIATE RELEASE
June 10, 2010

PRESS CONTACT:
Shelley Lotenberg
shelley@numc.edu
516-572-6055

FIRST TIME SINCE CREATION IN 1999 AS A PUBLIC BENEFIT CORPORATION, NUHEALTH SYSTEM WITH NUMC AS ONLY SAFETY-NET HOSPITAL IN NASSAU COUNTY, ENDS  YEAR  2009 IN THE BLACK WITH $804,000 SURPLUS

ONGOING SUSTAINING INITIATIVES HAVE IMPROVED BOTTOM LINE OVER LAST DECADE

EVIDENCE THAT STRATEGIC PLAN AND INVESTMENTS MADE DURING LAST DECADE HAVE PRODUCED POSITIVE RESULTS AND FINANCIAL STABILITY

East Meadow, NY…  .Arthur A. Gianelli, President/CEO of the NuHealth System, comprised of the Nassau University Medical Center, the A. Holly Patterson Extended Care Facility and various Family Health Centers, announced that for the first time since its creation as a public benefit corporation in 1999, the NuHealth System, with NUMC as the only safety-net hospital in Nassau County, has ended the year 2009 in the black, with a surplus of $804,000. Ernst & Young, NuHealth’s independent international certified public accounting firm, confirmed these results and issued its unqualified opinion on Tuesday, June 8th, 2010.

“Our ongoing sustaining initiatives which have been implemented over the last decade, have improved our bottom line, providing financial stability and demonstrating that our strategic plan with investments in modernization and improving the quality of care for all our patients, have produced positive results,” said Gianelli.

Since 1999, the NuHealth System, which has a yearly budget of $550 million and 3,800 employees, has improved the bottom line by $249 million, with a variety of initiatives that have been implemented:  “Over the last decade,  initiatives have been implemented which have resulted in on-going financial improvements, mostly in  the areas of  revenue cycle, supply chain, staffing efficiencies, information technology upgrades, faculty practice plan realignment and program enhancements, resulting cumulatively in over one billion dollars,” said Gary E. Bie, executive vice president for finance and CFO.
          
INITIATIVES:
Revenue Cycle                        $68.4M
Supply Chain                           $34.1M
Staffing Efficiencies                  $101.M
IT Upgrades                            $5.M
FFP Realignment                     $28.M
Program Enhancements            $12.5M
 
TOTAL IMPROVEMENTS:  $249.M
             
As further evidence of the NuHealth System’s financial stability, NuHealth, for the first time since it became a public benefit corporation in 1999, issued its own Revenue Anticipation Note (RAN) without any county guarantee, in order to bolster NuHealth’s cash flow position.

“I would like to congratulate and thank the finance department, especially Gary Bie, CFO, for their stewardship and for helping us to deal with significant challenges facing us in 2010 in pension costs increases, declining federal and state reimbursements, the economy and changes due to health care reform,” added Gianelli.

“Our strategic vision with a four-year modernization plan, funded with $93.9 million from the Nassau County Tobacco Securitization Program and NYS HEAL grants, has helped us with major construction projects for our new emergency department, our new A. Holly Patterson nursing home, our new health centers at Roosevelt and Hempstead, our new Veterans outpatient center, and renovations at the Nassau University Medical Center, all signaling that our strategic plan is bearing fruit and bringing us financial stability,” added Gianelli.

ABOUT NUHEALTH
NuHealth is a Long Island health care organization delivering essential medical care and disease and lifestyle management to everyone at every stage of life.  Also known as Nassau Health Care Corporation, NuHealth is a public benefit corporation managing the operations of Nassau Medical Center, A. Holly Patterson Extended Care and a network of Family Health Centers that bring primary and specialty care out into the community.  By emphasizing wellness, cultural sensitivity and collaborative efforts with the North Shore-LIJ Health System, NuHealth is working to make good care more affordable and easier to access.

For more information about NuHealth or its Centers of Care, visit www.nuhealth.net.


 

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