Plan Ends Year in Black
By Doug Boyd
Preliminary year-end results show the medical faculty practice plan at the Brody School of Medicine at ECU finished just in the black for fiscal year 2006-2007.
For the year ended June 30, the plan brought in $132 million and had non-capital expenses of $131.2 million, leaving $800,000 in excess revenue. The numbers far exceed the budget for the fiscal year, which called for a deficit of $18.8 million. The 2005-2006 fiscal year had a loss of $14.1 million.
Chancellor Steve Ballard praised the results during a July 11 meeting of the practice plan steering committee, saying turnarounds like this one don’t happen often.
“I just want everyone to know how huge that is,” Ballard said.
The financial results were buoyed by items such as a $2.3 million payment from Medicaid in May and targeted expense reductions, but without “slash and burn” cost-cutting or workforce reductions, noted David Brody, an ECU trustee and chairman of the steering committee.