A.O. Fox Memorial Hospital and Bassett Healthcare are reporting positive bottom-line figures for 2005, officials from each organization said Wednesday.
Bassett had a $10.5 million profit for 2005, and Fox had an approximately $70,500 profit. Bassett had a nearly $9 million profit in 2004. The local institutions did better last year than hospitals across the state.
This is the second time in five years that Fox has had a positive bottom line, Mark Wright, vice president of finance, said. Fox lost nearly $1.3 million last year.
It’s really driven by revenue going up significantly," Wright said Wednesday. "We did do a lot of strategic planning last year with our board."
Revenue has increased by about 7.5 percent, Wright said, while expenses have only increased by about 5 percent. Much of the revenue increase has come from higher patient volumes and more traffic from a new magnetic resonance imaging machine and a 64-slice CT scanner.