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Southcoast Health System ended the 2001 fiscal year with an operating surplus - one of almost $11 million. That surplus can be attributed to an increase in patient volume, system-wide efficiency gains and better payments from Medicare for services. In addition to our operating surplus, we earned $15.5 million dollars in investment income. We are committed to using those investments for longer-term strategic initiatives, including the renovations planned for Tobey. While 2001 was a much better year than expected, like most community hospitals, our financial condition continues to be a precarious one. Almost 60 percent of Southcoast's revenues come from state and federal sources that are subject to political vagaries and the need to balance state and federal budgets. Low payment from the Medicaid program continues to be a problem that seems to be getting worse rather than better. Since Southcoast is committed to maintaining state-of-the-art facilities and expanding services at all of our facilities, income from operations and investments is not enough. Philanthropic support is essential to making the renovations at Tobey a reality. The time has come to rekindle the legacy of giving through this campaign, which ensures Tobey Hospital's future as the guardian of health in the community. Southcoast Health System has pledged 50 percent of the cost of the renovation project. But the support of the community is crucial in making the plan a reality. Your generosity can carry the tradition of caring that began in the last century through to the next. With your help the legacy of health care continues.
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