SECAUCUS — Meadowlands Hospital Medical Center in Secaucus plans to cut 102 jobs as its patient count plummets amid financial disarray.
The Record newspaper reports newly appointed chief executive officer Tom Considine has written employees that the 230-bed for-profit hospital’s low patient count is down by more than 30 percent since May.
The newspaper obtained a report on the Secaucus hospital prepared by an outside consultant. The consultant found Meadowlands operated without a budget in 2013 and flawed or non-existent procedures made it impossible for executives to project how much money was due from patients and insurers.
Investors that had never owned a hospital purchased Meadowlands in 2010. They posted an $11 million profit during the first year of operation, reversing a $10.4 million operating loss.
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Date: July 10, 2014