Raleigh, N.C.-based WakeMed Health & Hospitals lost $10 million in 2013 and is aiming to raise revenue and cut costs, according to a report from The Cary News.
WakeMed's board of directors has approved a break-even budget for the next year and has given the hospital until 2015 to regain its profitability, according to the report. Various factors such as lower reimbursements from private and government payers and North Carolina's decision not to expand Medicaid have fueled the system's financial problems.
The news of the 2013 loss comes on the heels of Bill Atkinson's resignation as WakeMed's president and CEO this week. Citing differences in the future direction of the organization, the WakeMed board and Dr. Atkinson agreed that the separation is in the best interest of both parties. An interim CEO has not yet been named.
In August, WakeMed also announced its plans to lay off 111 employees, mostly through closing a nursing home in Fuquay-Varina, N.C. The system — which employs about 8,500 people — blamed lost revenue due to federal and state policy changes for the layoffs and closing.
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