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Due to a strong operating performance during the first half of the fiscal year, BWH has recently submitted its revised budget forecast for FY 2002.
The hospital has done very well from an operational standpoint during the first six months of the fiscal year and has revised its goal to generate a $34 million operating gain. However, while BWH has met its operating goals, fluctuations in the stock market continue to negatively impact the hospital’s non-operating revenue.
“This gain is still razor thin when we remember that our overall operating budget is more than $1.1 billion,” said Chief Operating Officer Matt Van Vranken. “However, we can be proud of our success in meeting our operational goals.”
For several years, BWH has operated at a near break even level due to reimbursement levels received from payers among other factors. As a result, minimal funding has been available to support ongoing capital needs and much of the maintenance of the hospital’s physical plant has been deferred.
“We hope to build upon our operational success so that we can invest in a capital program that is so vital to our future. This will also allow us to rebuild our cash position and allow more flexibility during economic downturns,” said Van Vranken.