The news of the HUMC is, as expected, not good. Some of Dawn's detractors have tried to take her to task for allegedly hiding information the budget but here is an example of her administration providing the facts to the public about the current state of the HUMC and providing them before the election.
Hoboken Mayor Dawn Zimmer Responds to Release of Hoboken University Medical Center 2008 Audited Financial Statements
The Hoboken University Medical Center (HUMC) released its Audited Financial Statements for the fiscal year ended December 31, 2008. The Financial Statements make clear that the hospital continues to face serious financial difficulties. The Hospital incurred a loss from operations in 2008 in the amount of $22.3 million, leaving it with net assets at the end of 2008 of $13,435,124. This is down from net assets of $35,138,364 at the end of 2007.For 147 years HUMC, formerly known as Saint Mary Hospital, has been the anchor for health care in Hoboken, as well as surrounding communities. It is an essential hospital for access to care for Hoboken’s diverse population of 40,000 residents including many seniors, as well as the health care safety-net for many young children, pregnant women, and people living with HIV/AIDS. The recently opened emergency room provides state of the art emergency services for Hoboken residents and surrounding communities. It also provides a facility to increase admissions to the hospital, a key to the hospital’s long-term financial viability.
As part of the original acquisition, Hoboken has guaranteed $52 million of the Hospital’s debt. Given our own fiscal problems, we are not in a financial position to guarantee additional debt or to provide operating subsidies. But within those limitations, I am fully committed to doing everything within my power to help the Hospital Board find a way to navigate through these difficult times.
The Hospital has recently applied to the New Jersey Department of Health and Senior Services for a critical Health Care Stabilization Grant. I coordinated with State Senator Brian Stack and Assemblyman Ruben Ramos, Jr., for their strong letters in support of the application. I also personally spoke to Commissioner Heather Howard to express my highest level of support for the application on behalf of the City of Hoboken. HUMC is well positioned to receive this grant which will greatly assist the hospital with its short term needs.
I want to thank my City Council colleagues for their quick action last Wednesday in approving my appointment of Tejal Desai to the Hospital Board. Her strong financial background will be of significant help as we move forward to face the extremely difficult challenges ahead.
You can also click on the attached PDF’s for more information.
HUMC_grant_cover_memo.pdf
HeatherHowardCommissioner.pdf
LOR_08_Final.pdf
hmha_full_2008_report.pdf
Full_Synopsis_hoboken_2008.pdf
Below is the link to the original post on the City Website:
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