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Home > News Room > Memorial posts second consecutive surplus

Memorial posts second consecutive surplus

Don King            Joe Ruffolo

Niagara Falls Memorial Medical Center posted a $1.4 million surplus in 2004, the second consecutive year Niagara’s Premier Health Network has finished in the black following a five-year period (1998-2002) of losses that totaled more than $18 million.

The 2004 results, which were audited by Lumsden & McCormick, LLP, CPA, were announced by Memorial President & CEO Joseph A. Ruffolo, who noted that $984,000 of the medical center’s 2004 surplus represented proceeds from a federal grant earmarked for construction of the $18.5 million Emergency Department/Heart Center of Niagara. That project is expected to be completed late this year.

“While a second straight surplus doesn’t mean we’re out of the woods, it’s a clear indicator that we are making progress and heading in the right direction,” Ruffolo said.

Memorial Board Chairman Don J. King said the surplus was particularly encouraging given the number of new services Memorial introduced during 2004, including the Mary C. Dyster Education Center with its expanded calendar of community education classes. The medical center also collaborated with regional health care providers and the University at Buffalo Medical School to bring specialty physicians in such fields as maternal fetal medicine, interventional radiology and reproductive endocrinology to Niagara Falls.

“The Memorial staff has also done a commendable job of controlling expenses in a very challenging and increasingly costly health care environment,” King said. “Bottom line: This has been an ongoing team effort with physicians, staff members, volunteers, board members and organized labor all responding in a very focused way.”

In addition, 2004 saw the groundbreaking for the Emergency Department/Heart Center of Niagara project and the dedication of Memorial’s new $800,000 main entranceway and lobby, an effort undertaken to improve access to the medical center for the elderly and infirm.

Founded in 1895, Niagara Falls Memorial Medical Center operates a full-service, 183-bed hospital at 621 10th St. in Niagara Falls. That hospital is the centerpiece of Niagara’s Premier Health Network, which includes the 120-bed Schoellkopf Health Center (a skilled nursing facility), the Hamilton B. Mizer Primary Care Center, the Tuscarora Health Center and the Child Advocacy Center of Niagara.

Ruffolo thanks staff for making Memorial a great place to work

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