SECAUCUS – Meadowlands Hospital Medical Center in Secaucus has been directed by the New Jersey Department of Health to appoint a financial consultant to assist in preparing a report on the viability of the hospital through next year, according to a posting on NJ.com.
The for-profit hospital must also release to the Department of Health missing financial records and an annual report, as outlined in a letter from the state. The financial consultant Meadowlands hires must be approved by the state and paid for by the hospital.
In the last six months, the state has twice fined the hospital $6,000 for not complying with the release of the requested records. The levies were paid, but Meadowlands has failed to file a 2011 annual report, a state health department spokeswoman said.
The consultant must also review the hospital’s financial plan for the next few years to ascertain whether the facility can achieve a 1 percent profit margin from December of this year into 2017, according to a recent letter from Deputy Health Commissioner William Conroy. Also, Meadowlands must demonstrate to the Department of Health that it will have funds available to continue operating until the end of next year.
“We fully expect financial credibility and stability will be clearly exhibited,” said Meadowlands President and CEO Lynn McVey