Memorial Healthcare System reported strong financial results for the first half of fiscal year 2025, reflecting continued growth, disciplined management, and an enduring commitment to reinvesting in the community.
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Through the first six months of the fiscal year, Memorial's total net operating revenue increased 9.9% compared to the prior year, supported by higher admissions and outpatient volumes and a strong payer mix that allows the public healthcare system to continue serving all patients, regardless of their ability to pay.
“Strong volume growth and careful expense management are allowing us to keep investing in programs and services that make a difference for our community,” said Shane Strum, interim CEO of Memorial Healthcare System. “These results reflect the hard work of 17,500 team members who remain focused on people.”
For the six-month period, admissions increased 11.9% year-over-year, hospital outpatient visits rose 7.7%, and Memorial Physician Group visits grew 9.8% as Memorial expanded access through longer hours, improved scheduling templates, and operational efficiency. Investment income reached $106.6 million, more than doubling the prior year's total of $44.7 million.
These gains reflect both higher acuity among patients and growing demand for complex, specialized care. Memorial continues to see increased volume across oncology,neurosurgery, and cardiac services. Memorial Cancer Institute, one of only seven Florida Department of Health-designated Cancer Centers of Excellence, saw approximately 30% growth year-over-year as more patients turned to Memorial for advanced treatment close to home.
According toIrfan Mirza, interim chief financial officer, the system's positive results are rooted in sound fiscal stewardship and a mission-driven approach. “Our operational strength allows us to sustain service lines that other systems have closed, such as behavioral health and pediatrics,” Mirza said. “While others pull back, we continue to expand programs that meet essential community needs.”
A Historic 15-Year Streak of Reducing the Tax Rate
Memorial's strong financial performance has also enabled the SouthBroward Hospital District Board of Commissioners to reduce the millage rate for the 15th consecutive year. The newly approved 0.0805 millage rate is the lowest in the district's history and represents a 7.4% decrease from last year's rate of 0.0869.
“Reducing themillage rate reflects our commitment to the community, a commitment demonstrated through more than a decade of consecutive reductions,” said Elizabeth Justen, chair of the South Broward Hospital District Board of Commissioners. “Thanks to Memorial's strong financial position, we are able to ease the burden on taxpayers while continuing to deliver the exceptional care Memorial is known for.”
The approved rate is projected to generate about $7.9 million in gross tax revenues. After accounting for discounts and uncollectible taxes, the funds will support statutory obligations, includingBroward County's Medicaid Match Program, contributions to community redevelopment agencies, and property appraiser fees.
Memorialcarries strong debt credit ratingsfromMoody'swithan Aa3 ratingandwith a Stable outlook, and S&Pwith an AA ratinganda Stable outlook, reflecting the organization's strong financialprofileandsolid balance sheet. These highinvestment-grade ratings signal continued confidence from therating agenciesin the organization's prudent fiscaland operationalmanagement. They further underscore its long-term stability and sustained ability to meet financial obligations in a dynamic economic environment.
“This milestone is a testament to our board and the dedication of our entire Memorial team,” Strum said. “We are expanding access, investing in innovation, and putting patients and our community first.”
Reinvesting in Care and Community
Memorial's financial stability enables continued investment in facilities and innovation, including the $670 million surgical tower project at Memorial Regional Hospital, adding 22 operating rooms and 150 acuity-adaptable beds, with completion anticipated in 2029. Renovations to the Emergency Department and Family Birthplace at Memorial Regional Hospital are underway, expanding trauma bays and modernizing maternal-fetal care. Behavioral health services are also expanding through the Rebel Center inDavie, which is open 365 days a year for individuals seeking mental health and substance use support.
As one of the nation's largest public healthcare systems, Memorial is a major economic driver in South Florida. The system operates with 355 days cash on hand, compared to an average of approximately 200 days among similar U.S. not-for-profit acute access healthcare systems. Memorial maintains $3.1 billion in cash and investments, allowing it to sustain operations even during economic shifts.
Each day, the system spends about $9 million on operations, including salaries, supplies, and services that directly support local vendors and employees. “That's an economic engine forBroward County,” Mirza said. “Every dollar we spend circulates back into this community.”
“Every decision we make is about strengthening access to care for the people we serve,” Strum said. “We continue to invest in facilities, technology, and programs that meet our community's needs today and prepare for tomorrow.”
About Memorial Healthcare SystemMemorial Healthcare System is one of the largest public healthcare systems in the United States, providing high-quality, patient- and family-centered care to South Florida residents for more than 70 years. Memorial's mission is to heal the body, mind, and spirit of those in its care. The system includes six hospitals: Memorial Regional Hospital, Memorial Regional Hospital South, Memorial Hospital West, Memorial Hospital Miramar, Memorial Hospital Pembroke, and Joe DiMaggio Children's Hospital. Governed by the elected South Broward Hospital District Board of Commissioners, Memorial treats all patients, regardless of ability to pay. Learn more at mhs.net.
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