2012 was both a challenging year for Swedish, and one of the strongest in our 102-year history. I now refer to it as our second most important year ever, with the first being our founding.
This year was challenging because at this time last year we were losing significant amounts of money. We started our 2012 fiscal year projected to absorb a $90 million operating loss. Instead, we ended the year with a $39.9 million positive operating margin – resources we invest directly back into Swedish to support the care and services we provide our patients and communities. That is a $130 million momentum swing that was achieved through the hard work and focus of every Swedish employee; each played a part in making the necessary and significant changes that put Swedish back on solid financial footing.
There were many difficult decisions made in 2012 that resulted in Swedish becoming a more efficient organization. Changes were needed to reduce costs, gain efficiency, improve process and invest in future growth.
That included ...