Lakeland Community Hospital, Watervliet Garners Financial Performance Awards
(WATERVLIET) – Quorum Health Resources (QHR), the nation’s largest hospital management company and the seventh largest healthcare consulting firm in the United States, recently announced the winners of its 2011 Excellence in Leadership awards. Ray Cruse, CEO, Lakeland Community Hospital, Watervliet (LCHW), accepted two awards presented at QHR’s annual conference. LCHW was the only hospital of nearly 150 QHR hospitals to receive more than one award: Best Overall Performance with $16-40 million in revenue and one for EBITDA (earnings before interest, taxes, depreciation, and amortization) Improvement, a financial performance indicator. The awards are for accomplishments achieved in 2010.
“In 2010 our hospital underwent an aggressive financial recovery which turned out to be very successful,” Cruse said. “This was the result of considerable efforts of many associates making some difficult choices and sacrifices. Where we are today is a result of this dedication.”
QHR was quick to respond to the needs of the hospital with needed resources, including two additional consulting engagements. As a result, EBITDA increased from break even in 2009 to 8% in 2010.