The city-owned hospital reduced spending on wages and benefits by more than $35 million in three years after new leadership, including CEO Dr. Larry McEvoy, came on board and launched a series of initiatives to make Memorial’s operations more productive.
Memorial said in a press release:
Staff embraced the call to action. The result: significant improvement in efficiency relative to other hospitals nationally. For example, expenses were reduced by nearly 20 percent from the first quarter of 2008 through the fourth quarter.
Memorial, which does not receive taxpayer support, reinvests 100 percent of its revenues into care for local patients and families.