Electronic medical records transition affects TGH financials
Completing the transition to electronic medical records helped pave the wave for a good year in 2013 for Tampa General Hospital.
In a discussion about TGH’s fiscal year-end financials, hospital CFO Steve Short said expenses and lower revenue related to EMR installation affected fiscal year 2012 and made 2013 better in comparison.
TGH’s operating margin tripled last fiscal year over 2012, and its gain from operations totaled $31.4 million. The gain from operations in fiscal year 2012 was $8.9 million.
“We had a little better volume and admissions last year, along with better revenue and lower expenses,” Short said.
He expects the joint venture with Florida Hospital’s Tampa Bay Network to be a financial boon for TGH.
“It will be very good,” Short said. “Instead of going to war with each other we can work together to do things like split capital costs.”
Property TGH owns on Kennedy Boulevard near University of Tampa remains vacant as the hospital considers possible uses. Rehabilitative services was an initial focus.
“We’re looking at primary care and other things,” he said. “It is still in the works.”
TGH firmed up its affiliation last year with the University of South Florida as a teaching hospital, which is expected to provide more doctors practicing at the hospital. The hospital supports the residents and pays for their salaries and benefits. Short said TGH pays about $115,000 per resident and funds 300 residents. http://www.bizjournals.com/tampabay/news/2014/01/30/electronic-medical-records-transition.html