Now, Palomar is counting in part on an upcoming ASC to turn its financial status around. The health system saw income operations drop from $42 million in 2022 to $9 million in 2023. It also has $709 million in outstanding debt.
Its total cash on hand also dropped by $70 million from 2022 to 2023. In June, Moody’s downgraded its outlook on Palomar from stable to negative.
Now, Palomar is projecting $55 million in operating income in fiscal year 2024, a $46 million increase. It also plans to grow its cash on hand to $205 million.
When asked by The San Diego Union-Tribune how the organization was planning such a massive financial turnaround, Diane Hansen, Palomar’s CEO, cited a new infusion center, new medical office buildings and a new ASC.
The system is also launching a new nurse incentive program that pays nurses up to $100,000 in bonuses over three years.
