|mil $s||mil $s|
|Greenville Hospital System||Greenville||SC||Dec 13||1,015||Sep 09||802||27%|
|McLeod Health||Florence||SC||Dec 13||971||Sep 09||533||82%|
|Palmetto Health||Columbia||SC||Dec 13||865||Sep 09||593||46%|
|Lexington County Health Services District||West Columbia||SC||Sep 13||621||Sep 09||454||37%|
|Spartanburg Regional Healthcare System||Spartanburg||SC||Dec 13||560||Sep 09||487||15%|
|Self Regional Healthcare||Greenwood||SC||Sep 13||480||Sep 09||305||57%|
|Anmed Health||Anderson||SC||Dec 13||465||Sep 09||300||55%|
|Total all 7||4,977||3,474||43%|
As you can see from the above chart, the Total Net Assets (Financial Strength) of these 7 South Carolina Non-Profit Hospital Organizations increased by a robust 43% to $4.977 bil during their average 4.17 years of the Obama Administration.
In just the past 6 months, this Total Net Asset increase grew from 34% to 43%.
Very positively impacting this nice increase in the Net Assets (Financial Strength) of these 7 South Carolina Hospitals 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 increase in Net Assets (Financial Strength) of these 7 South Carolina Non-Profit Hospital Organizations.
A remarkable thing is that these 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 robust Net Asset percentage increases of these 7 South Carolina Hospitals, a key beneficiary of this will be South Carolina citizens electing to buy health insurance on the Health Insurance Exchange. This very solid Net Asset growth gives these South Carolina 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.
South Carolina......So Many Struggling Hospitals
South Carolina's Health website contains some key and cool interactive financial information for all of its 60 Hospitals.
Overall, the 60 South Carolina Hospitals had a respectable, Goldilocks Operating Income from Patient Services as a Percentage of Total Revenues of 3.9% for 2012, the most recent year presented. But you have to stratify these Hospitals to find out what is really going on with South Carolina Hospitals.
First, let's look at the upper end South Carolina Urban Hospitals.
The Top 13..... what I'll call Urban Pure Gold Hospitals..... generated Total Patient Services Operating Income of 14.8% of Total Revenues.....that's about 50% higher than what the 30 Dow Industrials combined generated. This is flat out crazy and tells you why US Health Care Costs have been so incredibly out of control. And it only makes sense that leading this Pure Gold List at an incredibly greedy 26.8% is Hilton Head Hospital. Here are the Top 13:
|South Carolina Hospital||City||(Loss)||Revenues||Margin|
|Urban Pure Gold Hospitals|
|Hilton Head Hospital||Hilton Head Island||32,261||120,259||26.8%|
|Roper Bon Secours St Francis Hosp||Charleston||37,187||189,608||19.6%|
|St Francis Hospital||Greenville||97,103||503,972||19.3%|
|AnMed Health Medical Center||Anderson||107,164||570,362||18.8%|
|Patewood Memorial Hospital||Greenville||16,145||97,743||16.5%|
|Grand Strand Regional Med Ctr||Myrtle Beach||42,190||262,215||16.1%|
|East Cooper Medical Center||Mt Pleasant||17,102||129,057||13.3%|
|Aiken Regional Medical Centers||Aiken||20,727||181,224||11.4%|
|Trident Medical Center||Charleston||38,632||352,630||11.0%|
|McLeod Regional Medical Center||Florence||68,077||627,072||10.9%|
|Carolinas Pines Regional Med Ctr||Hartsville||9,086||85,757||10.6%|
|Piedmont Medical Center||Rock Hill||23,609||234,189||10.1%|
|Total all 13 Urban Pure Gold||551,019||3,729,707||14.8%|
But you get a completely different story when you look at the bottom half of these 60 South Carolina Hospitals. I'll call them the In-The-Red Abandoned South Carolina Hospitals.
Of the 60 South Carolina Hospitals, an amazingly high 32 of them, or 53% of them, are In The Red.....each of them posting Operating Losses from Patient Services in 2012. And 2 more just barely missed hitting the In-The-Red Abandoned Group. Here are the 32 In-The-Red Abandoned South Carolina Hospitals:
|South Carolina Hospital||City||(Loss)||Revenues||Margin|
|In-The-Red Abandoned Hospitals|
|North Greenville Hospital||Travelers Rest||(7,077)||18,157||-39.0%|
|Clarendon Memorial Hospital||Manning||(14,977)||46,526||-32.2%|
|Marlboro Park Hospital||Bennettsville||(8,424)||27,547||-30.6%|
|McLeod Loris Seacoast||Loris||(22,131)||99,623||-22.2%|
|Novant Health Gaffney Med Ctr||Gaffney||(8,177)||43,161||-18.9%|
|Carolinas Hosp System-Marion||Mullins||(10,159)||56,038||-18.1%|
|Edgefield County Hospital||Edgefield||(1,339)||11,965||-11.2%|
|Barnwell County Hospital||Barnwell||(1,320)||15,460||-8.5%|
|Williamsburg Regional Hospital||Kingstree||(1,427)||17,299||-8.2%|
|Georgetown Memorial Hospital||Georgetown||(7,011)||113,894||-6.2%|
|Hillcrest Memorial Hospital||Simpsonville||(2,801)||46,339||-6.0%|
|Greenville Memorial Hospital||Greenville||(40,134)||791,410||-5.1%|
|Cannon Memorial Hospital||Pickens||(1,941)||39,123||-5.0%|
|Colleton Medical Center||Walterboro||(3,182)||64,602||-4.9%|
|Lake City Community Hospital||Lake City||(1,283)||28,860||-4.4%|
|Greer Memorial Hospital||Greer||(2,984)||67,558||-4.4%|
|Abbeville Area Medical Center||Abbeville||(1,358)||31,335||-4.3%|
|Medical University Hospital||Charleston||(43,385)||1,039,404||-4.2%|
|Chesterfield General Hospital||Cheraw||(1,514)||36,356||-4.2%|
|Beaufort Memorial Hospital||Beaufort||(6,016)||147,302||-4.1%|
|Kershaw County Medical Center||Camden||(4,132)||107,234||-3.9%|
|Laurens County Memorial Hospital||Clinton||(2,731)||80,895||-3.4%|
|Oconee Medical Medical Center||Seneca||(3,823)||124,727||-3.1%|
|Palmetto Health Richland||Columbia||(17,076)||706,934||-2.4%|
|Tuomey Regional Medical Center||Sumter||(4,015)||188,667||-2.1%|
|Springs Memorial Hospital||Lancaster||(2,692)||130,641||-2.1%|
|Hampton Regional Medical Center||Varnville||(358)||19,638||-1.8%|
|Roper St Francis Mount Pleasant||Mt Pleasant||(823)||45,628||-1.8%|
|The Regional Medical Center||Orangeburg||(1,590)||195,903||-0.8%|
|Total all 32 In-The-Red Abandoned||(236,638)||4,740,067||-5.0%|
The excellent South Carolina website breaks down its Hospitals between its 41 Urban and 19 Rural. The 41 Urban Hospitals generated a Total Operating Income from Patient Services Margin of 4.5% of Total Revenues. The 19 Rural Hospitals had a comparable negative Margin of (6.1)%.....yeah, that's a swing of 10.6%.
When you have so many severely struggling South Carolina Hospitals, the responsible thing to do is to deal with them and not ignore them. So far, the State of South Carolina has decided to ignore them.....a Katrina-like strategy.
By far the best and only economically good way to put a major dent in the Operating Losses of the so many South Carolina severely struggling Hospitals is for the State of South Carolina to fully expand Medicaid and do so as quickly as possible. If South Carolina did this, with the resultant massive inflow of Patient Revenues from Medicaid expansion, the struggling South Carolina Hospitals would be able to substantially reduce their huge Operating Losses and an overwhelming majority of them should even be able to turn their substantial losses into profits. And the South Carolina Hospitals with very modest Operating Income would have their profits bolstered very robustly.
If South Carolina were to fully expanded Medicaid, one of the key beneficiaries of the resultant very healthy profit improvement and thus also Total Net Assets improvement of all South Carolina Hospitals would be South Carolina citizens electing to buy health insurance on the Health Insurance Exchange. This exceptional Net Asset growth from Medicaid expansion would give all South Carolina Hospitals the financial flexibility to moderate their pricing for hospital and other health care 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.