Elmhurst

$92 million accounting error delivers blow to Edward-Elmhurst Health's bottom line

$92 million accounting error delivers blow to Edward-Elmhurst Health's bottom line

In a whopper of an accounting misstep, Edward-Elmhurst Health overestimated by $92 million the revenue it expects to receive from insurance companies and patients, delivering an unexpected blow to its bottom line.

In an interview Tuesday, CEO Mary Lou Mastro said there will be no layoffs or service cuts to compensate for the money that the hospital planned to receive but won’t. The company is aggressively addressing the issue so that it doesn’t happen again, and its balance sheet remains strong, she said.

“It was a disappointing finding but we identified the problem, we worked rapidly to resolve it,” Mastro said. “We have to keep on doing what we’ve been doing, which is...

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