Southcoast Health thanking employees with bonus resulting from $5M surplus

NEW BEDFORD – Thanks to a $5 million surplus, Southcoast Health will give its 6,500 nonmanagement employees a bonus.
In a letter to employees on Oct. 27, President & CEO of Southcoast Health, Keith Hovan, wrote that a $1.2 million performance payment would be distributed among nonmanagement employees to thank them for contributing to “a stronger health system and for improving patient care.”
“Be proud of the many achievements you have individually and collectively contributed to – I am exceptionally proud and deeply grateful to all of you for your dedication and sacrifice,” Hovan wrote.

Company spokesman Peter Cohenno said that full-timers received a one-time payment of approximately $175 each. He said part-time employees will receive a pro-rated amount – $140 for 32-hour employees; $105 for 24-hour employees and $87.50 for 20-hour employees.
Per-diem and temporary employees will receive $43.75, he said.
As for employees in management positions, Cohenno said the Board of Trustees is discussing whether to award them bonuses as well, and should have a decision by mid-November.
The release said that the company was able to turn a $30 million operating deficit last fiscal year into the surplus, as revenue rose 11 percent to more than $985 million.
It said revenue climbed despite more snow days, restructuring charges, the $100 million cost to implement its new electronic medical record system and expenses related to training for industrywide coding changes.
Southcoast Health operates St. Luke’s Hospital in New Bedford, Charlton Memorial Hospital in Fall River and Tobey Hospital in Wareham. The release said Southcoast saw significant revenue gains by optimizing its investment in the Southcoast Physicians Group, which brought more physicians to the South Coast region.
The Press Ganey, an independent medical reporting firm, also said all three emergency departments achieved excellence over the past year.

“We have seen a steady improvement in the quality of care we provide throughout the organization,” Hovan said in a statement.
Hovan also noted that Southcoast received recognition in 24 categories from Healthgrades, an independent resource for healthcare consumers. Healthgrades recently named Southcoast one of America’s 100 Best Hospitals for Cardiac Care for the fifth year in a row.

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