Atlanta-based SunLink Health Systems (pdf), which operates five acute-care hospitals in the Southeast, finished the fourth quarter of its 2012 fiscal year with a profit of $5.11 million — a significant change from the $11.3 million in losses the for-profit health system recorded in the fourth quarter of 2011.
The positive fourth quarter kept SunLink in the black for FY 2012, as it recorded a profit of $1.08 million on the year compared with a net loss of $16.1 million last year.
SunLink has consistently posted quarterly losses over the past couple years, including parts of 2012. In the third quarter, SunLink recorded a net loss of $1.54 million alone.
SunLink executives said Medicare electronic health record incentive payments boosted the fourth quarter earnings, and SunLink Chairman and CEO Robert Thornton Jr. said in the news release that 2012 was a transition year toward better outcomes.
"Our efforts this year have been focused on improving the position of our hospital facilities through cost controls, technology upgrades and additional specialized services while improving our balance sheets with facility-specific refinancings and the sale of underperforming assets," Mr. Thornton said. "While our efforts are a work-in-progress, we made significant strides this year that we believe will benefit our shareholders as we move forward."
The positive fourth quarter kept SunLink in the black for FY 2012, as it recorded a profit of $1.08 million on the year compared with a net loss of $16.1 million last year.
SunLink has consistently posted quarterly losses over the past couple years, including parts of 2012. In the third quarter, SunLink recorded a net loss of $1.54 million alone.
SunLink executives said Medicare electronic health record incentive payments boosted the fourth quarter earnings, and SunLink Chairman and CEO Robert Thornton Jr. said in the news release that 2012 was a transition year toward better outcomes.
"Our efforts this year have been focused on improving the position of our hospital facilities through cost controls, technology upgrades and additional specialized services while improving our balance sheets with facility-specific refinancings and the sale of underperforming assets," Mr. Thornton said. "While our efforts are a work-in-progress, we made significant strides this year that we believe will benefit our shareholders as we move forward."
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