The Regional Medical Center in Orangeburg, S.C., recorded net income of $1.8 million in fiscal year 2016, compared to a net loss of $3.5 million the year prior, according to The Times and Democrat.
The hospital alone ended FY 2016 with net income of $3.1 million, according to the report. The foundation was $114,701 in the black and its affiliate, Edisto Regional Health Services, ended the fiscal year $1.5 million in the red.
RMC's financial improvement comes as administrators have implemented a financial turnaround plan after the system's finances were consistently showing losses, reports The Times and Democrat. The plan, expected to save the hospital nearly $5 million a year, has included reduced overtime and some full-time work schedules, a focus on flexing of staff and filling only emergent vacant positions.
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