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Home > News Room > Memorial posts third consecutive surplus

Memorial posts third consecutive surplus

Memorial posts third consecutive surplus

Niagara Falls Memorial Medical Center recorded a $1.1 million surplus in 2005, marking the third consecutive year of surpluses for Niagara's Premier Health Network following a five-year period (1998-2002) during which losses totaled more than $18 million.

The 2005 net surplus includes $800,000 in New York state grants secured by Sen. George Maziarz and Assemblywoman Francine DelMonte from their respective legislative houses.

The 2005 results, which were audited by Lumsden & McCormick, LLP, CPA, were announced by Memorial President & CEO Joseph A. Ruffolo.

"This positive financial performance is attributable to our continued growth in outpatient services, our investment in new program development, program expansion and, of course, the community's support," Ruffolo said. "In addition, Memorial continues to benefit from the dedication and talent of our medical staff and the other members of the Memorial team – including our volunteers, employees and governing board. They are the cornerstone of our success."

"The entire Memorial team – including all staff and all volunteers – has done a commendable job of managing costs in the midst of significant growth," said board Chairman Don J. King. "Positive results are critical to our ongoing efforts to improve Memorial's financial position while solidifying its long term viability and status as a community resource."

Among the medical center's 2005 highlights were the opening of the Spine Center of Niagara, University Sports Medicine of Niagara and the Diabetes & Endocrinology Center of Niagara as well as the $1 million renovation of the Schoellkopf Health Center.

The end of the year saw the unveiling of an ambitious neighborhood revitalization plan that was developed in partnership with the Niagara Arts & Cultural Center and the University at Buffalo's Graduate School of Urban Planning. That plan includes the restoration of historic Schoellkopf Park as well as residential and commercial development for the neighborhood surrounding Memorial's downtown campus.

"It's a focus that drives our mission," Ruffolo said. "The implementation and continued growth of healthcare services that meet the community's needs will inevitably lead to more economic development, new jobs and stronger neighborhoods."

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.


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