As Tri-City Medical Center appoints its third CEO in as many years, its most recent earnings report shows a hospital taking steps toward a financial turnaround but still operating with razor-thin margins.
Tri-City, in Oceanside, Calif., parted ways with CEO Tim Moran this month and installed Steve Dietlin, its chief financial officer, in the role. The reasons for Moran's termination are unclear, but come just weeks after a news release praised him for helping to improve the hospital's financial performance and quality rating.
Tri-City reversed its operating loss in the fiscal year ended June 30, 2015, according to a January earnings report. Some of that boost, or $8.9 million, came from a state program that provides supplemental payments for treating Medicaid patients. The hospital also received about $727,000 in payments for meeting milestones related to implementing electronic health records.
On the inpatient side, Tri-City's average daily census declined 1%, but patients tended to be sicker than the previous year. Outpatient visits increased 4.2%.
Tri-City reported an operating surplus of $424,000 on $337.2 million in operating revenue in 2015, compared with an operating loss of $5.7 million on $319.7 million in operating revenue during the previous year.