The past three years have been disastrous for Jackson Health System, the public-owned health system in Miami, but the system's fiscal year ended Sept. 30 with a surplus, according to a Miami Herald report.
Jackson CFO Mark Knight did not provide specific details of the health system's profit for 2012, but he did say financial adjustments led to a "significant turnaround" compared to the $81 million lost last year, according to the report.
Jackson technically finished FY 2008 with a profit of $25 million, but an audit showed that figure was not accurate. Financial adjustments were made to the balance sheet in 2009, and since 2009, the safety-net system has lost $419 million.
Over the past several months, Jackson had made incremental gains. Jackson had instilled major cost-cutting measures during the course of the year, none bigger than when it announced it cutting 1,115 jobs to save $69 million.
Jackson CFO Mark Knight did not provide specific details of the health system's profit for 2012, but he did say financial adjustments led to a "significant turnaround" compared to the $81 million lost last year, according to the report.
Jackson technically finished FY 2008 with a profit of $25 million, but an audit showed that figure was not accurate. Financial adjustments were made to the balance sheet in 2009, and since 2009, the safety-net system has lost $419 million.
Over the past several months, Jackson had made incremental gains. Jackson had instilled major cost-cutting measures during the course of the year, none bigger than when it announced it cutting 1,115 jobs to save $69 million.
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