Georgetown University Hospital had a 12 percent increase in revenue last year, according to MedStar Health’s fiscal year 2007 annual report.

In total, the hospital, which has been owned by MedStar Health since 2000, had a $67.8 million increase in revenue from its $575.5 million mark in 2006, totaling $643.3 million.

With all of its holdings, MedStar Health reported a 7 percent increase in net patient revenue, bringing its total revenue up to more than $3 billion.

The university sold the hospital in 2000 to MedStar Health, a non-profit community-based healthcare system, after three consecutive years of losses totaling over $200 million.

In fiscal year 2007, the hospital saw 4 percent more patient admissions, an 8 percent increase in emergency room visits and a 5 percent increase in outpatient visits.

Joy Drass, who became president of Georgetown University Hospital in 2002, said that last year’s budget surplus allowed for critical reinvestment.

“The hospital surplus for fiscal year 2007 was $29.6 million. That money was reinvested into the hospital in the form of new technologies, people and updating the infrastructure,” she said.

Drass added that the hospital’s adherence to its strategic plan, which was first created in July 2000, has contributed to their growth.

“The reason for our growth is the focus we have put on a strategic plan and not diverting from that,” she said.

Kenneth Samet, president and chief executive officer of MedStar Health, attributed the hospital’s financial improvements to the contributions of its employees.

“As a part of the MedStar Health system, Georgetown University Hospital has increased its admissions, received recognition as a best place to work and was the first hospital in Washington, D.C., to earn the prestigious Magnet Status award by the American Nurses Credentialing Center,” he added.

The health organization also continued its dominant position in the metro-area healthcare market with 15.3 percent of the market share.

Howard Federoff, executive vice president for health sciences at the Georgetown University Medical Center, said that the Medical Center has benefited from the hospital’s partnership with MedStar Health.

“In my 10 months here, there have been a number of positive indicators regarding the Georgetown-MedStar partnership; perhaps most importantly MedStar’s financial support of the recruitment of our new Lombardi director, Louis Weiner,” he said.

In 2007, Georgetown University Hospital was a top performer among MedStar’s seven hospitals. It was one of six MedStar hospitals to be ranked in the U.S. News and World Report “America’s Best Hospitals,” coming in at 48th for treating kidney disease.

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