Temple University Health System turns first profit since 2007
Temple University Health System posted a small operating profit of $3 million for the year ended June 30, 2015, its first annual operating gain since fiscal 2007, Temple officials said Thursday.
Temple University Health System posted a small operating profit of $3 million for the year ended June 30, 2015, its first annual operating gain since fiscal 2007, Temple officials said Thursday.
CEO Larry Kaiser attributed the positive results to a shift toward higher-acuity care, a financial turnaround at Fox Chase Cancer Center, and a steep drop in professional liability costs.
On a conference call with bond investors, Kaiser highlighted a surge in the number of transplants to 246 last year from 190 the year before and the year-old Fox Chase policy of giving people next-business-day appointments.
"This has resulted in an increased number of radiation starts, and increased number of infusions, as well as some increases in our surgical volumes," Kaiser said.
Fox Chase, which Temple acquired in 2012 for $84 million, had an operating profit of $11.3 million in the year ended June 30, Kaiser said, compared to an $18.5 million operating loss the year before.
The operating loss at the financially weak Jeanes Hospital, which is adjacent to Fox Chase in Northeast Philadelphia, shrank to $549,000 from $6.3 million the year before, Temple reported.
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