SOMERSET — As small hospitals across the country struggle to survive, Somerset Hospital remains healthy.
The hospital generated excess revenues over expenses of nearly $2.4 million in the past fiscal year, including net income of almost $1.3 million from patient-care services, executives reported at their annual corporate meeting Monday.
“I have to once again give a lot of credit to our fiscal people,” CEO Mike Farrell said. “As with anything else, we’re trying to keep our costs at a low, manageable level. That allows us to be profitable at year’s end.
“There’s no magic to it.”
The profits come as the hospital continues to expand.
It added the Wheeler Family Medical Center across the street, housing physicians and a rehabilitation and wellness center. It broke ground in July for a new $2 million hospice house along North Center Avenue. And it brought in 10 new physicians.
“Our communities’ health-care needs are growing and, as they are, Somerset Hospital is growing as well,” board chairman Bruce Shipley said.
“For us, it’s a tradition that never goes out of style. We’re a hospital where your health needs come first. As you can see, we are continually looking for ways to improve the quality and access to health care you receive from the moment you enter our doors to long after you go home.”
Among the key initiatives were an emphasis on employee education and a focus on patient safety.
Farrell said medication errors have fallen 50 percent during the past 18 months, due largely to education of professional staff and Automated Medication Dispensing systems that eliminate human error when dispensing narcotics.
Along with more physicians, the hospital also has maintained minimal turnover among nurses. Its turnover rate was 6.76 percent, compared with 11 percent regionally. Its vacancy rate among nursing positions was 1.82 percent, far below the 5.8 percent regional average.
Farrell said the hospital is well positioned to grow, expand and improve its services.
“Why?” he said. “Because today we have the strongest medical staff, physicians and providers that the community of Somerset has ever enjoyed.
“The physician numbers will continue to increase. Access to quality physicians will improve. Success breeds success, and quality raises quality.”
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Somerset Hospital reports healthy bottom line
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