Miami-based Jackson Health System recorded profit of $6.2 million in March, a trend that CEO Carlos Migoya said would be the "rule rather than the exception" in the immediate future, according to a Miami Herald report.
The surplus was mainly attributed to a one-time $4 million reimbursement from the county for bonds and sales tax revenues that were higher than expected, according to the report. However, the profit gain did not include savings from the massive layoff measure, which is expected to be reflected in May's financial readings. In February, JHS announced it would eliminate 1,115 jobs to save $69 million per year. In March, Mr. Migoya said he would donate his entire bonus to Jackson's foundation if the layoff plan saved the health system money this year.
JHS still plans to cut costs over the coming year, and it may come at the expense of the University of Miami's Miller School of Medicine — the academic medical partner of JHS. The school's COO Jonathan Lord said JHS' precarious financial standing has forced UM to "streamline our administrative operations," although no details were given on what is being streamlined, according to the report.
The surplus was mainly attributed to a one-time $4 million reimbursement from the county for bonds and sales tax revenues that were higher than expected, according to the report. However, the profit gain did not include savings from the massive layoff measure, which is expected to be reflected in May's financial readings. In February, JHS announced it would eliminate 1,115 jobs to save $69 million per year. In March, Mr. Migoya said he would donate his entire bonus to Jackson's foundation if the layoff plan saved the health system money this year.
JHS still plans to cut costs over the coming year, and it may come at the expense of the University of Miami's Miller School of Medicine — the academic medical partner of JHS. The school's COO Jonathan Lord said JHS' precarious financial standing has forced UM to "streamline our administrative operations," although no details were given on what is being streamlined, according to the report.
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