Thursday, December 17, 2009

Q&A with the HUMC III

Q&A with the HUMC II

Q&A with the HUMC

This is the first of three parts in the Q&A public portion with the HUMC.

HUMC November Financials Presentation

Vincent Riccitelli, Executive Director of Finance reports on the November 2009 hospital financials.

CEO Spiros Hatiras - 911 ambulances routed to Jersey City

HUMC CEO Spiros Hatiras discusses the issues arising for how ambulances are taking patients to other hospitals outside Hoboken in 911 emergencies.

CEO Spiros Hatiras - HUMC Report

There's a slight improvement in November and the CEO Spiros Hatiras lays out the picture.  Sorry for the low volume as the room is midsize and they do not use mikes. (A better camera is coming to pick up the normal voices.)

2008 losses were $17.5 million and 2009 the target was to reduce it to $8.5 million with a recovery plan in place to break even in 2010.  They are on target for the year end goal.  In addition, they have put in place an across the board 10% cut for all employees and looking to negotiate similar with the unions.  This is a serious and impressive effort.  Some will say it should have come sooner.  MSV would not disagree.  The CEO himself is taking a leadership role and is reducing his salary 15%.  Awaiting the unions response on the reductions.  Questions arose later around a job freeze and layoffs, but the philosophy is to avoid it if at all possible as the recovery plan looks viable.  

Payroll for employees is $22 million netting $2.2 saved to the bottom line.  Union payroll is $39 million with desired savings of $3.9 added. Overtime and consultant costs are also being reduced with the former benefiting just over a half million in savings: $525,000.

Former CEO Harvey Holzberg is waving his last month of consulting fees for December.
We will verify this amount shortly.

Grant announcements from the State should be coming as soon as next week.  HUMC has requested $7 million and we await that announcement.

Mile Square View has requested expense financials for the approximately 50 departments with year over year detailed analysis and projections for 2010.  That information will be made available as soon as it arrives.

With the two additions to the Hospital Authority Board, the direction is clearly positive.  

More video will be posted today.

Hoboken Univ. Medical Center- November Financials

First courtesy of the Hoboken University Medical Center, here are the financials for the month ending November 30, 2009.  There's beens some slight improvement and a couple of notes: the recovery plan is not yet reflected in the numbers here and next week they should be getting some word on how the grant applications will go.  Keep your fingers crossed and hopefully some good news will follow shortly thereafter.
HUMC Nov 30 09 Financials

Hospital Recap/Video - Coming shortly

Lots to catch up on after last night's Hoboken University Medical Center.  We will be back with all the news and plenty of video including the entire Q&A.

For now, let's throw you folks a bone.  In 2010, they are taking action: 10% salary reductions across the board!  Every employee is taking the hit except one.  CEO Spiros Hatiras will be taking a 15% reduction!  The unions are still in negotiations and the CEO prefers wage reductions to any additional layoffs or a job hiring freeze.

Hoboken resident and Revolt steering committee member Toni Tomarazzo came after her appointment to the Hospital Authority Board and immediately got off to a good start.  She spoke with the Acting CFO and will be doing lots of Christmas financial analysis reading.  She also expressed a strong desire to act on the revenue side to help the hospital maximize its strengths on delivery for the Hoboken community and beyond with a focus on strengthening revenue.  After we left the meeting, we trotted over to the City Council and got word on the appointments to the Zoning Board and the alternates.  It's great news across the board, pardon the pun.  

Back soon!  First up, the CEO Spiros Hatiras report.