Johnston Health recognized for financial improvements
July 27, 2012
Johnston Health has been recognized by its management company, Quorum Health Resources, as the "Turnaround Team for the Year 2012."
The health care system's top two administrators, CEO and president Chuck Elliott and CFO Eddie Klein, accepted the award in June at the 2012 QHR Leadership Conference in Nashville, Tenn. Both are employees of QHR.
Johnston Health improved its finances significantly from 2010 to 2011. A recent audit reported that net patient revenue grew $24 million. Earnings before interest, depreciation and amortization grew 107 percent. And even with high interest and depreciation costs, the operating margin improved by 61 percent in one year.
Since April, the system has been achieving a positive operating margin.
James L. Horrar, president and CEO of QHR, said the Johnston Health team faced significant challenges, including a bad economy and vacancies in two key positions. "Chuck and Eddie worked with QHR to develop an effective financial improvement plan for the system, including a revenue restructuring plan," he said.
Elliott shared credit for the award with the health care system's directors and managers, who help control expenses and implement changes in their departments. "We have a group of talented leaders who really pulled together and helped improve our services, our finances and our quality," he said. "I'm proud to be a part of this team."