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NEW FACES, NEW RESULTS?
The Steuben County city of Corning and Auburn have much in common. The greater Corning area has about 26,000 people compared with Auburn's 28,000 residents. Both cities are former manufacturing hubs stumbling down from economic peaks. And both cities have had financially flailing hospitals that hired the same Chicago health care troubleshooting firm, Wellspring Partners Ltd., to perform a turnaround of their operations.
The Corning Hospital lost $12.3 million in 2003 after losing about $2 million in both 2001 and 2002. But then Wellspring came on board at Corning for several months in 2004. By the end of its 2004-2005 fiscal year, the 99-bed hospital celebrated a $1.1 million profit after laying off about 100 employees, mostly through attrition, consolidating a handful of hospital units and strengthening management practices.
Auburn Memorial Hospital recently began a turnaround implementation period with Wellspring after posting an $8.2 million loss over the last two years. But with the hopes that a turnaround is underway comes apprehension about what exactly will happen, and what kind of presence Wellspring will have in the hospital.
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