After years of financial loss, St. Joseph’s Hospital in Syracuse is posting a profit. New York state helped contribute to the financial gains.
St Joseph’s Chief Financial Officer Meredith Price said a $20 million state grant lifted the hospital to an $8 million profit. The grant has allowed the hospital to pay for the outstanding debt on the purchase of a primary care physician practice.
St. Joe’s had a loss of nearly $20 million last year.
Price said the hospital has been improving the past two years by focusing on reducing patient length of stay and readmission, and shifting from more inpatient to outpatient services.
St. Joseph’s joined Trinity Health, one of the largest healthcare systems in the country, in 2015. Trinity is investing $60 million over four years into St. Joe’s but that figure gets bumped up to $90 million if the hospital meets certain goals. Price said being a part of Trinity also gives the hospital a strong advocacy voice as big, potential healthcare changes come out of Washington.
