Leaders of troubled Jackson Health System in Miami failed to react to warning signs about the system's pressing financial problems, according to a report by the Miami Herald.
The system recently announced it would lay off more than a third of its workforce and close two satellite hospitals to keep from running out of cash.
Marcos Lapciuc, treasurer of the Miami-Dade Public Health Trust, which oversees the hospital system, said:
Read the Miami Herald's report on Jackson Health System.
The system recently announced it would lay off more than a third of its workforce and close two satellite hospitals to keep from running out of cash.
Marcos Lapciuc, treasurer of the Miami-Dade Public Health Trust, which oversees the hospital system, said:
- Executives at the public hospital system overstated its actual patient revenues by more than $150 million;
- Although Jackson Health's billing system was upgraded last year, its cash on hand was not rising; and
- The system forecast incoming patient payments at its traditional average rate of 30 cents on the billed dollar, even while the rate had shrunk to about 26 cents.
Read the Miami Herald's report on Jackson Health System.