Salem Township Hospital has completed a two-year financial turnaround and finished $2.5-million in the black for the fiscal year that ended March 31st.
The hospital reviewed the yearly audit at its meeting on Wednesday.
Hospital President Kendra Taylor credited the entire hospital team for the improvements.
“It’s been an overall 2-year process I would say to try to, you know the hospital has previously been experiencing a lot of different financial changes in the past so we were trying to establish a plan to get the hospital back on the right foot as far as a positive bottom line. The previous fiscal year, although ended as a loss, a lot of significant recovery done in that year to put the hospital on the right track.”
Among the changes that have helped with the turnaround is the addition of new services, expansion of additional services, and work to collect $5-million in uncollected bills for services provided from insurance companies and government medical programs.
After large deficits in the spring and early summer from the impacts of COVID-19, the hospital is back in the black and through August has a positive bottom line for the first five months of the fiscal year of $262,000.
