It's a good time for the Henry Ford Health System, which is coming back strong after suffering major losses a few years ago. The nonprofit system has done well again this year, reporting a 2006 net income of $134.9 million on revenues of $3.25 billion. Revenues are up 6.6 percent from 2005, and net income a whopping 20 percent. Revenue sources included $1.5 billion from the system's Health Alliance Plan and $1 billion from its 920-bed Detroit hospital, physician practices and behavioral health program. These numbers are a huge turnaround for the Ford system, which had lost $87.7 million in 2001. Now it's on a winning streak; in fact, this is the fourth year in which the health system has improved earnings. Buoyed by its new success, the system is building a $310 million hospital and has acquired another health system. In addition, it plans to spend $1 billion on projects between 2006 and 2010. What's more, the system is hiring, having added 947 staffers last year alone. It also paid $22.4 million in bonuses last year, which ranged from $400 to $1,200 depending on employee status.
To find out more about the system's turnaround:
- read this Detroit Free Press piece [1]
Related Article:
Henry Ford bans pharma perks, vendor drop-ins. Report [2]
Links:
[1] http://www.freep.com/apps/pbcs.dll/article?AID=2007704190332
[2] http://www.fiercehealthcare.com/story/henry-ford-bans-pharma-perks-vendor-drop-ins/2006-12-15