Orangeburg, S.C.-based Regional Medical Center's CFO said the hospital is turning around its finances thanks in part to increased patient volumes and a decision to eliminate about half of its contract employees, according to a T&D report.
Regional Medical Center was $4.6 million in the red for this budget year by the end of February.
One of Regional Medical Center's turnaround strategies was reducing the number of its contract employees from 82 to 42 during June. RMC CFO Liza Porterfield also said a Medicaid backlog at the South Carolina Department of Health and Human Services is being resolved. RMC's outstanding Medicaid applications are now worth about $6 million, down from $10 million six months ago.
The hospital has since narrowed its loss to $1.4 million and hopes to break even by the next fiscal year, which starts Oct. 1, according to T&D.
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