Memorial wins national award

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Memorial Health System won a national award for efforts to turn around its financial picture in the past three years.

Thomson Reuters gave Memorial the Healthcare Advantage Award for reducing its spending on wages and benefits by more than $35 million during a three-year period.

The hospital was faced with a loss of nearly $32 million after the auction rate bond market tanked in 2008. Shortly thereafter, a new leadership team arrived and launched a series of initiatives to make Memorial’s operations more productive. The hospital system ended 2009 with a profit of $15.7 million, after a one-time payment of $22 million to restructure its debt.

Memorial plows its profits back into the local health care system.