Millage Rate Reduced Again
The Board of Commissioners of the South Broward Hospital District, which oversees the operations for Memorial Healthcare System, voted on Thursday to adopt a millage rate of 0.1737 – making this the fifth year in a row that the Board has elected to lower the overall millage rate for the District, resulting in the lowest rate in history of the South Broward Hospital District.
With no net tax revenue remaining from the newly adopted millage rate, the District will use operating income to cover all uncompensated care costs for the entire Memorial Healthcare System, including its six hospitals and its South Broward Community Health Services.
In fiscal year 2016, uncompensated care is projected to exceed $888 million.
This recent reduction comes at a time when Memorial Healthcare System has experienced unprecedented financial performance and growth.
This past year, Memorial has engaged in new ventures, developing a clinical integrated network of physicians and other hospitals within the region, while also initiating tele health. Other strategic areas of growth include programs such as graduate medical education, which Memorial recently received initial accreditation, clearing the path for the six-hospital system to apply for accreditation for the following residency programs: Physical Medicine and Rehabilitation (PM&R), Internal Medicine and Pediatrics. Memorial also remains one of only a handful of public hospitals in the nation to achieve a AA-, Aa3 financial rating by Standard and Poor’s and Moody’s.
The 0.1737 millage rate represents a 6.8 percent decrease from last year’s rate of 0.1863. The resulting tax revenues are estimated to remain at $8.1 million – same amount as last year. After accounting for early payment discounts and a certain percentage of uncollectable taxes, the anticipated tax payments this year will provide the District enough revenue to cover only its governmental obligations, which include paying Broward County’s Medicaid Match program and community redevelopment agencies in several municipalities in south Broward County, as well as tax collector commissions and property appraiser fees.
Memorial Healthcare System is one of the largest public healthcare systems in the country and is a national leader in quality care and patient satisfaction. Its facilities include Memorial Regional Hospital, Memorial Regional Hospital South, Joe DiMaggio Children’s Hospital, Memorial Hospital West, Memorial Hospital Miramar, Memorial Hospital Pembroke and Memorial Manor nursing home. The system received the following recognition: Modern Healthcare magazine’s “Best Place to Work in Healthcare,” Florida Trend’s “Florida’s Best Companies to Work For,” and Becker’s Hospital Review’s “150 Great Places to Work in Healthcare.”
Contact:Kerting Baldwin, 954-265-3455
Director, Corporate Communications