Boca Raton Regional Hospital President and CEO Jerry Fedele and COO Karen Poole will both retire next year.
According to a financial report filed with bondholders, Fedele told the nonprofit hospital’s board that he would retire at the end of August 2018. Poole said she would retire at the end of April 2018. Both of them will reach customary retirement ages by then, the document said. The hospital board will establish an orderly replacement plan for those positions.
A spokeswoman at BRRH couldn’t immediately be reached for comment.
Fedele joined the 400-bed hospital as CEO in 2008, so he will leave after a decade of leadership. At the time he joined, BRRH was losing money and laying off employees. Now it is profitable and growing.
Under his management, BRRH built the Marcus Neuroscience Institute, the Christine E. Lynn Women’s Health and Wellness Institute, the Lynn Cancer Institute, and the Gloria Drummond Physical Rehabilitation Institute. He also led the hospital to establish the BocaCare Network of physicians, a group of urgent care centers, and an academic partnership with the Florida Atlantic University College of Medicine that includes graduate medical education and medical residencies.
Poole was also hired as COO of the hospital in 2008.
BRRH had net income of $5.9 million on revenue of $136.6 million for the fiscal third quarter ended March 31. In the same period a year ago, it had net income of $4.8 million on revenue of $131 million. The fastest rising expense was supplies with a 12.8 percent increase.
Its revenue growth was primarily driven by performing more surgeries and cardiac catheterizations, in addition to seeing more patients in outpatient settings.
The disclosure document mentioned that the hospital plans to start construction this summer on an expansion to the Lynn Cancer Institute with nine exam rooms and two procedure rooms.
In the nine months ended March 31, the hospital’s foundation raised $40 million.