The 7.23% reduction from last year's previous low comes despite market challenges and an evolving workforce dynamic. Because of Memorial Healthcare System's solid fiscal standing, commissioners backed the position in order to benefit Broward County residents.
HOLLYWOOD, Fla., Oct. 13, 2023 /PRNewswire-PRWeb/ -- Memorial Healthcare System has broken a district record once again with the South Broward Hospital District Board of Commissioners voting to reduce its millage rate to 0.0937. Even amid market challenges and an evolving dynamic in the workforce, this is a notable reduction of 7.23 percent from last year. Because of Memorial's solid fiscal standing, commissioners backed the position which will benefit Broward County residents.
What Does a Lower Millage Rate Mean?
The 0.0937 millage rate represents a 7.23 percent decrease from last year's rate of 0.1010. The resulting gross tax revenues are estimated to reach $7.83 million. After accounting for early payment discounts and a certain percentage of uncollectible taxes, the anticipated tax payments this year of $7.61 million will provide Memorial enough revenue to cover 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.
With no net tax revenue to fund uncompensated care, the district will tap operating income to account for all uncompensated care costs across the entire Memorial Healthcare System, including its six hospitals and 11 Memorial Primary Care clinics. In fiscal year 2024 uncompensated care is expected to exceed $1.13 billion.
As a proven industry leader, Memorial's portfolio includes comprehensive services related to cardiac and stroke care, Level 1 trauma center, maternity-fetal medicine, and heart, kidney and pancreas transplants to name a few. Memorial is more focused than ever on increased access across South Florida communities. Initiatives such as new Memorial Primary Care center in Northwest Miami-Dade County, Weston, and Plantation; a comprehensive cancer center in Pembroke Pines; and expanded mobile primary care services in various underserved communities, are just a few hallmarks of improved consumer experience and focus.
Memorial also continues to be laser-focused on workforce, safety and quality. Leapfrog Group, a national nonprofit organization that collects and transparently reports on hospital performance, recognized Memorial's level of quality and safety. The healthcare system also received Modern Healthcare's Best Places to Work in Healthcare, the coveted Great Place to Work certification, recognizing employers who create an outstanding employee experience. The growing list of consistent accomplishments keeps Memorial among a handful of public hospitals in the nation earning coveted AA, Aa3 financial ratings from Standard and Poor's and Moody's.
About Memorial Healthcare System
South Florida-based Memorial Healthcare System is a national leader in quality care and patient, physician, and employee satisfaction. Its commitment to deeper caring and smarter health prioritizes a person-centered approach that has delivered safe, positive outcomes for 70 years.
Featuring multi-disciplinary collaboration, research, innovation, and transparency, Memorial is focused on removing barriers, increasing access, and providing equitable care throughout the region. It employs a staff of more than 16,000 and operates six hospitals, numerous primary, urgent, and 24/7 care facilities, medical office buildings, a health specialty center, and nursing home.
To learn more, visit mhs.net and connect on Facebook, X (formerly Twitter), Instagram, YouTube, and LinkedIn.
Media Contact
Yanet Obarrio Sanchez, Memorial Healthcare System, 954-265-1136, [email protected], www.mhs.net
SOURCE Memorial Healthcare System
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