CFO at Miami health system resigns

Frank Barrett, chief financial officer and executive vice president at Miami's Jackson Health System, has resigned after five years in the position.

The health system's board of directors criticized Barrett strongly last week after he reported miscalculated financial losses. Barrett had revealed to the board that Jackson Health lost $203.8 million in fiscal 2009, although he had originally reported a $46.8 million loss. The projected loss for fiscal 2010 rose $87 million to $229 million.

Barrett will remain in a transitional position until he retires on May 21. Christopher Bayer, Jackson Health's vice president of budget and financial analysis, will serve as interim CFO.

Also leaving the health system is Sandra Johnson, Jackson Health's vice president of revenue cycle management. She retired on Jan. 29, according to Jackson Health CEO Eneida Roldan.

Jackson Health is Miami-Dade County's public healthcare provider. Its centerpiece facility is 1,500-bed Jackson Memorial Hospital.

Barrett reported last week that the revenue cycle department had estimated they collected 29.6 percent of every gross dollar of charges, but were only collecting 25.9 percent. The health system experienced an increase in its unfunded patient days – to 21 percent from 15.35 percent – in the 2009 fiscal year.