He focused more on improvements in operations BJC reported in 2000 than on the one-time charges that resulted in a net loss. In June, Moody's downgraded BJC's debt rating one notch to Aa3 and kept its outlook at negative. Both agencies expect to decide later in March if they will affirm or change those ratings based on the 2000 results. He credited a 5.1 percent increase in adjusted admissions and tight controls on expenses, such as salaries and supplies. Costs per adjusted admission went up just 0.8 percent last year.
Adjusted admissions take into account both inpatient and outpatient visits.
BJC also received additional Medicare reimbursements, after Congress restored some of the funds cut by the Balanced Budget Act of 1997, and it renegotiated more favorable managed care contracts with GHP and other insurers BJC declined to identify. They're still the market leader in St. Louis, and that bodes well for them. SSM spokeswoman Dixie Platt said the system was not yet releasing specific information for 2000, however. Looking ahead Lipstein expects operations to keep improving in 2001. The year got off to a good start in January and February, he said.