Michael Young, CEO of Grady Memorial Hospital in Atlanta, is getting a bonus of nearly $300,000 for his successful turnaround of the hospital, according to a report by WSB TV News.
When Mr. Young arrived two years ago, the 953-bed public hospital reported a $50 million operating deficit. It is now $34 million in the black, according to a report last month. It is the first time Grady reached a positive operating margin in a decade.
Grady Board Chair Pete Correll said the board set a goal for Mr. Young to reach a $25 million cash improvement in 2009 over 2008, and he actually produced a $60 million improvement.
Mr. Correll expected some would criticize a public hospital CEO getting a large bonus, but "if somebody says I can make you $60 million, but it'll cost you $300,000, that's a wonderful trade-off I'd like to do for a living."
Read the WSB TV report on Grady Memorial Hospital.
Read Becker's interview with Mr. Young.
Read other Becker's reports on Mr. Young and Grady.
When Mr. Young arrived two years ago, the 953-bed public hospital reported a $50 million operating deficit. It is now $34 million in the black, according to a report last month. It is the first time Grady reached a positive operating margin in a decade.
Grady Board Chair Pete Correll said the board set a goal for Mr. Young to reach a $25 million cash improvement in 2009 over 2008, and he actually produced a $60 million improvement.
Mr. Correll expected some would criticize a public hospital CEO getting a large bonus, but "if somebody says I can make you $60 million, but it'll cost you $300,000, that's a wonderful trade-off I'd like to do for a living."
Read the WSB TV report on Grady Memorial Hospital.
Read Becker's interview with Mr. Young.
Read other Becker's reports on Mr. Young and Grady.