Business Services Industry
Lodi, Calif., Hospital Reports Net Income after Two Years of Losses.
Knight Ridder/Tribune Business News, April, 2001
By Bruce Spence, The Record, Stockton, Calif. Knight Ridder/Tribune Business News
Apr. 20--LODI, Calif.--After two years of financial losses, Lodi Memorial Hospital reversed the outflow and reported $4.1 million in net income for 2000, according to the hospital's annual audit.
The goal of the 173-bed hospital was to turn a $1.2 million gain for the year.
"This was accomplished through incomparable teamwork and many difficult decisions," said Joseph Harrington, hospital president and chief executive officer. "It was imperative ... as a nonprofit, private hospital for us to generate at least a 2 percent operating margin in order to remain viable and reinvest in technology and facility improvement that allow us to continue providing quality care...
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