SECAUCUS, New Jersey — Meadowlands Hospital Medical Center in Secaucus plans to cut 102 jobs as its patient count plummets amid financial disarray.
The Record (http://bit.ly/1rb0m3S ) 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.
Information from: The Record (Woodland Park, New Jersey), http://www.northjersey.com