In the next fiscal year, Charleston, S.C.-based Medical University of South Carolina plans to spend almost $600 million to expand services and begin construction on two new hospitals, The Post and Courier reported July 8.
MUSC Health's board approved a budget that forecasts more than $6 billion in revenue that expects strong growth across its regional hospitals and other service areas, according to the report. The budget projects a net margin of about $147 million for the fiscal year.
The health system is "in a good place in comparison to other hospitals around the country," MUSC Health CEO Patrick Cawley told the publication. "Many of our hospitals are really hitting their stride … [and] are all in a good place financially. They are all in a place to grow at this point."
Over the last year, MUSC Health's Midlands division, which includes three hospitals, has significantly increased revenue, enhanced cost control initiatives and offered more services.
"This is not happening [in] very many places across the country in a time period where healthcare is getting tougher, and places and margins and financial sustainability are going down," Matthew Littlejohn, CEO of the MUSC Health-Midlands Division, said in an April 8 news release. "We're doing the opposite at a scale that you don't see in many places these days."
This year, MUSC Health plans to break ground on a 70-bed hospital in Summerville, S.C., and a 50-bed hospital in Indian Land, S.C.