BIDMC Reports Fiscal 2005 Financial Results
Beth Israel Deaconess Medical Center, spurred by growth in surgery, particularly in orthopedic surgery, and continued strength in key medical specialties, posted a $33.7 million surplus on operations in fiscal year 2005, which ended Sept. 30. BIDMC posted a $37.4 million operating gain in FY04.
Date: 2/22/2006
BIDMC Contact: Judy Glasser
Phone: 617-667-7301
BOSTON – Beth Israel Deaconess Medical Center, spurred by growth in surgery, particularly in orthopedic surgery, and continued strength in key medical specialties, posted a $33.7 million surplus on operations in fiscal year 2005, which ended Sept. 30. BIDMC posted a $37.4 million operating gain in FY04.
The medical center also reported a bottom line gain for FY05, including investment income, of $47.3 million, compared to $39.7 million the previous fiscal year. Consolidated operating revenue – including Beth Israel Deaconess Hospital-Needham and the Affiliated Physicians Group – increased to $1.039 billion in FY05 from $973.1 million in FY04.
Total inpatient discharges increased to 38,963 in FY05, up from 38,890 in FY04. Combined discharges and observation cases rose 1.4 percent from the previous year, a shift that reflected changes in the way insurers classified patients and the fact that patients were sicker on admission. Outpatient clinic encounters increased to 435,385 in FY05, up from 380,901, a 14.3 percent increase over the previous year.
BIDMC’s research enterprise, the fourth largest recipient among independent hospitals of National Institutes of Health grants, received $174 million in FY04, a 3.5 percent increase over the previous year. The medical center also continued to attract high quality medical school graduates through its residency match program.
“We are on track implementing our strategic plan that calls for growth in key clinical areas plus new investments in physicians and technology,” said Steven P. Fischer, senior vice president and BIDMC’s chief financial officer. “With a stronger performance, we are able to reinvest resources in buildings and equipment that in some areas did not get attention during our financial hard times.” BIDMC’s year was highlighted by a number of key developments, including:
• The continued resurgence of an orthopedics program that added four surgeons in FY05 and has already added two more in the current year. The medical center also reported growth in cardiac, vascular and thoracic surgery while hiring five new surgeons and its transplantation program remained the largest abdominal organ transplant center in New England.
• A 100 percent rating for National Patient Safety Goals from the Joint Commission on the Accreditation of Health Organizations, the national organization that accredits more than 15,000 health care organizations across the nation. BIDMC and BID-Needham met every one of the JCAHO’s 500 standards of performance, placing among the 3 percent of hospitals surveyed during 2005 to achieve that position of excellence.
• The hiring of two new chiefs of service, including Mark Zeidel, MD, chief of medicine and Jeffrey Saffitz, MD, chief of pathology. Both are distinguished researchers, Zeidel in the area of epithelial biology and water transport, and Saffitz in sudden cardiac death.
• The extension of a successful team training program to the departments of surgery and anesthesia. Developed by the department of obstetrics and gynecology, the program is designed to ensure that any member of a clinical team feels free in questioning decisions by their colleagues in the interest of patient safety.
• Final steps to the FY06 implementation of the “Triggers” program, new protocols designed to anticipate potentially fatal changes in the condition of patients not receiving intensive care.
Beth Israel Deaconess Medical Center is a patient care, teaching and research affiliate of Harvard Medical School, and ranks fourth in National Institutes of Health funding among independent hospitals nationwide. BIDMC is clinically affiliated with the Joslin Diabetes Center and is a research partner of Dana-Farber/Harvard Cancer Center. BIDMC is the official hospital of the Boston Red Sox. For more information, visit www.bidmc.harvard.edu.
