|mil $s||mil $s|
|Eastern Maine Healthcare System||Brewer||ME||Dec 13||666||Sep 10||427||56%|
|MaineGeneral Health||Gardiner||ME||Dec 13||273||Jun 09||184||48%|
|Total of both||939||611||54%|
As you can see from the above chart, the Total Net Assets (Financial Strength) of these 2 Maine Non-Profit Hospital Organizations increased by an impressive 54% for their short average 3.88 years during the Obama Administration.
In just the past 6 months, the Total Net Assets increase during the Obama Administration grew substantially from 36% to 54%.
Very positively impacting this very robust increase in the Net Assets (Financial Strength) of these 2 Maine Hospital Organizations were actions taken by both the Obama Administration and the US Fed to strengthen the US Financial Foundation which was severely damaged from the financial meltdown in late 2008.
In addition, the Affordable Care Act (ACA) has also played a key role in this impressive increase in Net Assets (Financial Strength) of these 2 Maine Non-Profit Hospital Organizations.
A remarkable thing is that these very robust increases in Net Assets (Financial Strength) of these Non-Profit Hospital Organizations occurred when these Non-Profit Hospitals were also playing very instrumental roles in the substantial annual percentage growth reduction of Total US Health Care Costs which occurred in each of the most recent three years under the ACA.
With such impressive Net Asset percentage increases of these 2 Maine Hospitals, a key beneficiary of this will be Maine citizens electing to buy health insurance on the Health Insurance Exchange. This strong Net Asset growth gives these Maine Hospitals the financial flexibility to moderate their pricing for hospital procedures in their negotiations with health insurance companies which ultimately determines what insurance premium prices are set at by health insurance companies on the Health Insurance Exchange.
Maine's Struggling Hospitals
Maine's 2 Huge Hospitals are doing just dandy. From their most recent year's IRS Form 990s included in the State of Maine's Dept of Health website, Portland-based Maine Medical Center generated $78.4 mil of Bottom Line Income on $946 mil of Total Revenues (Profit Margin of 8.3%) and Bangor-based Eastern Maine Medical Center posted Bottom Line Profit of $62.6 mil on $1,254 mil of Total Revenues (Profit Margin of 5.0%).
But the other 33 Maine Hospitals filing their IRS Form 990s generated Total Bottom Line Profit of a very modest $10.7 mil on Total Revenues of $2,689 mil.....yielding a Profit Margin of a meager 0.4%.
Below here are the 25 Maine Hospitals posting Bottom Line Income Margins of 2.5% of Total Revenues or less:
|mil $s||mil $s|
|Mount Desert Island Hospital||Bar Harbor||(2.6)||52.5||-5.0%|
|Parkview Adventist Medical Center||Brunswick||(1.5)||34.4||-4.4%|
|Penobscot Bay Medical Center||Rockport||(3.5)||106.5||-3.3%|
|Houlton Regional Hospital||Houlton||(1.4)||42.6||-3.3%|
|Down East Community Hospital||Machias||(0.7)||35.4||-2.0%|
|Calais Regional Hospital||Calais||(0.6)||33.8||-1.8%|
|St. Andrews Hospital & Healthcare Ctr||Boothbay Harbor||(0.2)||18.4||-1.1%|
|Central Maine Medical Center||Lewiston||(2.9)||328.1||-0.9%|
|St. Mary's Regional Medical Center||Lewiston||(1.2)||153.8||-0.8%|
|Aroostook Medical Center||Presque Isle||(1.6)||217.9||-0.7%|
|Franklin Memorial Hospital||Farmington||-||90.0||0.0%|
|Mid Coast Hospital||Brunswick||-||0.1||0.0%|
|Penobscot Valley Hospital||Lincoln||-||26.5||0.0%|
|Northern Maine Medical Center||Portland||0.1||46.2||0.2%|
|Sebasticook Valley Hospital||Pittsfield||0.8||57.5||1.4%|
|Redington-Fairview General Hospital||Skowhegan||1.2||73.6||1.6%|
|Blue Hill Memorial Hospital||Blue Hill||1.0||54.4||1.8%|
|Spring Harbor Hospital||Westbrook||0.7||32.2||2.2%|
|Southern Maine Medical Center||Biddeford||3.9||176.7||2.2%|
|Millinocket Regional Hospital||Millinocket||0.7||28.2||2.5%|
|Total all 25||(15.3)||2,230.0||-0.7%|
When you have a very high percentage of your State's Hospitals struggling financially like this, the responsible thing to do is to deal with this major problem and not ignore it. So far, the State of Maine has decided to ignore it.
The best and only way to substantially strengthen these struggling Maine Hospitals is for the State of Maine to fully expand Medicaid.
A key side benefit to Maine citizens of Maine Medicaid expansion is that the resultant profit enhancements and thus Net Asset enhancements to all of Maine's Hospitals would give them the financial flexibility to moderate their pricing for hospital procedures in their negotiations with health insurance companies which ultimately determines what insurance premium prices are set at by health insurance companies on the Health Insurance Exchange.