Jackson Health System reported strong financial results in January, with a surplus of $5.5 million due to an influx of patients, rigid cost controls and good cash collections, Chief Financial Officer Mark Knight told the board on Thursday.
Days of cash on hand remained at a low 14.5 days, far below the benchmark of 175 days of cash that financially successful hospitals are supposed to have.
While the system has been struggling for more than a year with a steady decline in patient volume, January reversed the trend -- with $87.2 million in net patient revenue, compared to $82.6 million in January 2012.
Because the audit for fiscal 2011-2012 showed a surplus of $8.2 million, Knight said that Chief Executive Carlos Migoya earned a bonus of $219,000 on top of his $590,000 salary.
Migoya negotiated a bonus possibility with the board when he started in 2011, in return for accepting a considerably lower salary than the maximum of the $975,000 that the board could have offered. Last March, union fliers accused him of laying off 1,000 workers so that he could earn a hefty bonus. Migoya responded that he would donate any bonus received to the Jackson Memorial Foundation.
On Thursday, Migoya reiterated his intention to donate the bonus.
Jackson Health System earns $5.5 million in January
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Jackson Health System earns $5.5 million in January
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Jackson Health System earns $5.5 million in January
