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Our Financial Forecast

It’s the top issue of the 2012 presidential campaign. It’s the number one source of stress and worry for college students, older adults and everyone in between. The poor economy.

Hospitals, often viewed as pillars of their community’s economic base, are certainly not immune to the effects of a recession. To help gain some perspective on how PAH is fairing in the current economic climate, What’s New sat down with PAH Chief Financial Officer Frank Anastasi FHFMA, MBA.

WN:     How does PAH stand in regards to its current renovations and construction projects? 

FA:       We’re currently in the second year of our four-year, $61 million Master Facilities Plan. It’s all systems go as we continue to progress on schedule with construction of our new outpatient facility, Penn Medicine Washington Square – slated to open by the fall of 2013 – and the Private Room Initiative to convert Pennsylvania Hospital to all single occupancy patient rooms by 2015.

WN:     So how’s the hospital doing financially?

FA:       In FY ’12 we did remarkably well, particularly considering that we were down in surgery admissions. Despite this, we still hit our overall targets due mostly to efficiencies generated by our excellent management team.  We flexed our labor force to best accommodate fluctuations in patient volume.  Our main objective is to manage our resources efficiently so to ensure that we have the staff we need to take care of our patients.

WN:     Which departments or services are showing particular strength?

FA:      Obstetrics continues to grow steadily, even as overall national birth rates are on the decline. We were also right on target with the projected Emergency Department volume. And while over all inpatient volume was down, both CyberKnife and Gamma Knife patient volumes have exceeded target.

WN:    What lies ahead for the hospital in the coming year?

FA:     While overall patient activity is down for the first quarter of Fiscal Year 2013, I fully expect us to meet this challenge head on.  It’s an exciting time for the hospital, one of change and growth. We’re currently striving for a more balanced portfolio. While we’re working to stabilize current physician practices, we’ve also recruited new physicians – 39 in all – into departments all throughout the hospital including major services lines such as Cardiovascular Medicine, Cardiothoracic Surgery, Obstetrics and Gynecology, Orthopaedic Surgery, Radiation Oncology and Urology.

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