Item Description:
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Approval of the 2024 Hennepin Healthcare System, Inc. Financial Plan as submitted by the Hennepin Healthcare System, Inc. Board of Directors
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Resolution:
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BE IT RESOLVED, that the Hennepin County Board of Commissioners approves the 2024 Hennepin Healthcare System Annual Budget, including operational and capital budget, as submitted by the Hennepin Healthcare System, Inc. Board of Directors.
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Background:
The Hennepin County Board of Commissioners has certain reserved powers over Hennepin Healthcare System, Inc. (HHS), one of which is the power to approve the corporation's annual budget. On November 8, 2023, the 2024 HHS operating and capital budget was approved by the HHS Board of Directors and is now recommended by that Board for approval by the Hennepin County Board of Commissioners.
Hennepin Healthcare System, Inc.'s 2024 budget includes Hennepin Healthcare, Hennepin Healthcare Research Institute, and Hennepin Healthcare Foundation.
The organization is focused on aligning resources to mission, vision, and values as well as assuring quality of and access to care. To achieve this, focus will be on proactive high-quality care made easy, standing as a national leader in trauma care, modeling world class health equity and racial justice in medicine, and supporting a workplace culture of respect, learning, and growth.
The HHS 2024 budget anticipates providing approximately 126,000 days of hospitalized care to 17,000 patients discharged from inpatient care. Additionally, patients will seek care through 840,000 outpatient encounters. This includes approximately 12,000 patients treated in HHS operating rooms.
Contained in the 2024 budget there are $127 million in margin improvement initiatives which includes revenue cycle, growth and throughput, alignment of staffing to volumes, premium pay, and non-staffing expense savings.
The 2024 budget anticipates spending $1.48 billion and generating almost $1.49 billion in revenue...
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