MU hospital reports record-high profits

Friday, April 2, 2004 | 12:00 a.m. CST; updated 2:06 p.m. CDT, Monday, June 23, 2008

ST. LOUIS — In a brief bit of good news at the Thursday UM system Board of Curators meeting, MU Health Care, which oversees University Hospital, reported record revenue collection for March.

The $28 million figure, a record for any single month, represents a dramatic turnaround from just 19 months ago, when consultants from the Hunter Group were brought in to help salvage the financially troubled organization.

Hospital officials say illnesses in December and January helped drive the growth.

Despite the surge of growth, the hospital is still far from even the lowest bond rating of single-A, as it has just under 70 days of cash on-hand. It needs at least 150 days on-hand to reach single-A status.

Bond ratings are seen as a sign of financial health, with a triple-A being the best.

Curators noted the organization’s rapid turnaround and praised it for its work.

“Bringing in the Hunter Group was a big move to restore the hospital as a source of pride for the university,” said Curator Connie Silverstein. “We’re proud of what’s done. This is real progress, and a source of satisfaction.”

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