Pensacola, Fla.-based Baptist Health Care will complete its new flagship hospital project in mid to late September, according to CFO Andy Terry.
"We are 136 days away from this long-anticipated project," Mr. Terry said on an investor call May 10. A veteran of the three-hospital system, Mr. Terry replaced the departing Mike Gleason in March.
The news comes as Mr. Terry spoke of a "significant improvement" in operating income for the system. Baptist Health Care reported a first-quarter operating income of $1.4 million compared to a $10.8 million operating loss in the same period in 2022.
There were also improved operating expenses with contract labor costs down 85 percent and an overall 4.5 percent decline in all staffing costs, Mr. Terry said.
The system, which suffered a credit downgrade April 19, has 139 days of cash on hand, Mr. Terry said.
Baptist Health Care is anticipating a capital contribution of $180 million for the new 10-story, 264-bed project in Pensacola as well as potentially drawing on lines of credit to help fund it, the call heard.