Financial Turnaround at St Lukes Warren Campus
Financial Turnaround at St. Luke's Warren Campus
Once Ailing Hospital Now Ranks High Among New Jersey Peers
Scott R. Wolfe
St. Luke's Warren
Phillipsburg, NJ (10/22/13) - Less than two years after joining the St. Luke's University Health Network, St. Luke's Warren Campus has experienced an impressive financial turnaround.
According to the Financial Analysis & Statistical Trends (FAST) Report published by the New Jersey Hospital Association last month, St. Luke's Warren Campus ranks 6th in Operating Margin Ratio, 4th in Excess Margin Ratio, and 2nd in Total Margin Ratio. All three measures are important indicators of a hospital's financial performance.
In addition, St. Luke's Warren Campus reported over 37 days' cash on hand. This is a dramatic change from just three years ago, when, at one point, Warren had less than two days' worth of cash on hand to pay its creditors.
Commenting on the report, Warren's President Scott R. Wolfe, said, “This is an exciting trend and a hard-won accomplishment for all of us - both at Warren and for our Network as a whole. While we still have significant debt to repay, joining the Network has allowed Warren to refinance that debt at much more favorable rates and to greatly reduce other burdensome operating expenses and financial obligations.”
“We also are contending with the problems posed by an aging plant,” Mr. Wolfe continued. “Toward that end, we have received an additional $30 million commitment from the Network to modernize our facilities and expand our services deeper into the community. We are justifiably proud of our employees and our Medical Staff members who, along with our Network colleagues, are responsible for this turnaround. And we look forward to continuing this trend in the future as we strive to better manage the health of the greater Warren County community.”
Director of Business Development
St. Luke's Warren Campus
Director of Media Relations
St. Luke's University Health Network