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IL-based Provena Health's financial operations on the mend

Chicago Tribune, July 30, 2009

Plans to turn around Provena Health, one of the Chicago area's largest hospital operators, are ahead of schedule, according to a recent financial report. Provena has been hit hard by a declining number of admissions, particularly elective procedures amid the recession. Provena, which operates six hospitals and 16 long-term-care and senior residential facilities in Illinois, had a 7% decline in hospital admissions systemwide in 2008, according to a report last month from Moody's Investors Service.  Provena and outside consulting firm Wellspring Partners have implemented several "performance improvement" initiatives designed to save more than $70 million this year. The hospital is budgeting for a $31 million operating profit after posting operating losses in 2007 and 2008.