Erlanger sees $30M net income in FY 2020

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” I am very happy with the efforts and dedication of the entire organization,” William Jackson, MD, president and CEO of Erlanger. “By any objective standard, the results of the past 12 months are just extraordinary. Erlanger is an important civic property for Chattanooga and the area, and our partners took this to heart, sacrificing personally, and often at danger of their own health, to guarantee the sustainability of the enterprise for their household, next-door neighbors and buddies. While uncertainty around the economy and pandemic remains, we have done everything possible to continue the objective, and I am grateful for the faithfulness of our staff.”.

In general, Erlanger ended fiscal 2020 with an operating income of $35.3 million, compared to an operating loss of $4 million in fiscal 2019..

The Chattanooga, Tenn.-based system saw its operating profits increase less than 1 percent to $1.1 billion in the year ended June 30, compared to the very same period last year.

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Alia Paavola –
Tuesday, October 20th, 2020

” I am extremely happy of the efforts and dedication of the whole company,” William Jackson, MD, president and CEO of Erlanger. Erlanger is a vital civic asset for Chattanooga and the region, and our associates took this to heart, sacrificing personally, and frequently at risk of their own health, to make sure the sustainability of the business for their household, neighbors and good friends. © Copyright ASC COMMUNICATIONS 2020.

Its expenditures decreased in financial 2020, from about $1.1 billion in fiscal 2019 to $1 billion in financial 2020..

Erlanger approximated that the COVID-19 pandemic led to lost profits of about $93 million from March to June of this year. To help balance out the monetary hit, Erlanger implemented an expense containment strategy that consisted of furloughs and deferred capital projects..

The health system likewise reported at a spending plan conference Oct. 19 that its operating earnings from the first quarter of financial year 2021 was $12.6 million..

Erlanger Health System ended 2020 with a $30.2 million net earnings thanks to $55.9 million in COVID-19 aid, according to just recently launched monetary files. This compares to a bottom line of $4.4 million in fiscal year 2019.