Roxborough Memorial sees black on its balance sheet - Philadelphia Business Journal:

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of Philadelphia purchased Roxborough Memorial from in 2007 and has invested morethan $6.5 million in capital improvementds and program expansions for the 137-bed “When we took over this hospital we had a game plan in placw and for the most part we’ved been able to make that game plan said Jack Donnelly, Roxborough Memorial’s CEO, and chief operating officer of Solis Healthcare. Donnelly had serverd as the hospital’s CEO when it was a nonprofit medicalp center and held onto the post after Tenet took over Roxborough Memorialin 2002.
investments at Roxborough have included more than doublinbg the size ofthe hospital’s wound healing center, expandingh its geropsychiatry unit to treat mental illness in the installing a CT scanner and an open-bore MRI device and upgradin the hospital information systems technology. Other changes include installiny flat-screen televisions in waiting rooms and making cosmetic improvements to the main admissions and ERwaiting area; contracting with for dietary services, and includinb a “heat on demand” service that results in warmed food beingb delivered to patients and replacing the hospital’s outdatedf boiler system.
“Tenet owns a number of hospitals and Roxborouguprobably didn’t get the attention it deserved,” said Robert G. Souaid, president and CEO of Solias Healthcare. Souaid said Roxborough Memorial’e position as a community hospital doesn’t mean it can’t have the latesty in technological advancements. He proudly noted that the new $2 million open-bore MRI the hospitall just bought makes Roxboroughg the only medical center in Philadelphia with theToshibas machine, which is larger and more open than traditionao magnetic-resonance imaging devices.
“When you are layiny there and the magnet is three inches fromyour it’s hard not to feel a littles claustrophobic,” Souaid said, referring to standar d MRIs. Souaid said the compant was able to acceleratre its spending plan for Roxborough afteer deciding not to holdonto , a second hospital it acquired from Tenef last year. Solis was forme d specifically to buy thetwo hospitals. Shortlyh after the deal for bothhospitals closed, Solia officials sat down with representatives of which had talked to Tenet about buying Warminster. “Wer wanted to share our plansx for the hospital and talk about ways we could work Souaid said.
“As a surprise to us, Abingtob came back two weeks later and offered to buy the The offerwas fair. At no point did we put the hospitap onthe block.” Souaid declinerd to comment on whether the hospital had any plans to broadenb its reach by establishing outpatienrt centers away from its land-locked campus on Ridge Avenur but hinted an announcement related to such a strategy coul d occur later this month. Roxborough Memorial expect s to finish 2008 with earningsbefore interest, depreciationb and amortization in excess of $4 million. It has budgetedd for those earnings to grow by 20 percent next year.