Washington, D.C.-based Howard University Hospital generated an operating loss of $58 million in fiscal year 2014, a university treasurer's report shows.
Losses associated with the hospital were primarily due to lower-than-expected patient service revenues. The hospital's net patient service revenue was $210 million for FY2014, which ended June 30, 2014, compared to $241 million in fiscal 2013.
The hospital's operating revenues were $245 million in fiscal 2014, which was $5 million below its fiscal year end forecast of $250 million, according to the report.
The hospital's operating expenses in fiscal 2014 were $303 million — $9 million above the forecasted amount of $294 million.
A report from the Washington Business Journal notes that after the end of fiscal 2014, the hospital brought on hospital turnaround specialist Paladin Healthcare Capital. And since then, the hospital has announced some staff cuts, including nurse anesthetists, to help right-size the facility, according to the Washington Business Journal.
Additionally, Howard University President Wayne Frederick said earlier this year the hospital has been focusing on fundamentals to improve its financials, such as proper physician documentation, according to the publication.
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