|mil $s||mil $s|
|Inova Health System||Falls Church||VA||Mar 14||4,237||Dec 08||1,885||125%|
|Sentara HealthCare||Norfolk||VA||Mar 14||3,775||Dec 08||1,489||154%|
|Virginia Commonwealth Univ Health||Richmond||VA||Dec 13||1,489||Jun 09||756||97%|
|Virginia Hospital Center Arlington||Arlington||VA||Dec 13||727||Dec 08||351||107%|
|Valley Health System||Winchester||VA||Dec 13||740||Dec 08||434||71%|
|Carilion Clinic||Roanoke||VA||Dec 13||641||Sep 09||357||80%|
|St Marys Hospital||Richmond||VA||Aug 13||558||Aug 09||373||50%|
|Centra Health||Lynchburg||VA||Dec 13||526||Dec 08||233||126%|
|Augusta Health Care||Augusta County||VA||Dec 13||415||Dec 08||229||81%|
|Total all 9||13,108||6,107||115%|
As you can see from the above chart, the Total Net Assets (Financial Strength) of these 9 Virginia Non-Profit Hospital Organizations increased by a phenomenal 115% to $13.108 bil during their average 4.81 years so far of the Obama Administration.
Four of these 9 Virginia Hospitals had their Net Asset growth more than double so far during the Obama Administration.
The lowest Net Asset growth over the Obama Administration of the 9 Virginia Hospitals was a very strong 50%.
Very positively impacting this major increase in the Net Assets (Financial Strength) of these 9 Virginia 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 9 Virginia 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 substantial Net Asset percentage increases of these 9 Virginia Hospitals, a key beneficiary of this will be Virginia citizens electing to buy health insurance on the Health Insurance Exchange. This exceptional Net Asset growth gives these Virginia 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.
University of Virginia
A very late find was the University of Virginia Medical Center. It wasn't included above since I couldn't find any disclosure in EMMA for its Net Assets amount. All I could find is that the Total Net Assets of the University of Virginia Medical Center increased by a huge $463 mil during the most recent 4 fiscal years through June 30, 2013.....all completely during the Obama Administration.
The University of Virginia is a Non-Profit Governmental Entity and thus so is its University of Virginia Medical Center.
From its financial statements included in Emma, below here are the Total Operating Revenues, Total Operating Expenses and Bottom Line Income of the University of Virginia Medical Center for each of the most recent 4 Fiscal Years (FYs):
|University of Virginia Medical Center||Total|
|FY 2013||FY 2012||FY 2011||FY 2010||FYs|
|mil $s||mil $s||mil $s||mil $s||mil $s|
|Bottom Line Income||103||86||161||113||463|
|Bottom Line Profit as a % of Total Operating Revenues||8.3%||7.3%||14.7%||10.7%||10.1%|
Whoa, this is pretty crazy for a Non-Profit Governmental Hospital to generate Bottom Line Income as a Percentage of the Related Operating Revenues for the most recent 4 years of an excessively high 10.1%, which is even a little bit higher than the Total Bottom Line Profit Margin of the 30 pristine Dow Industrials. It tells you why the US has a huge Health Care Cost problem and it also tells you that the Hospital and Other Health Care Patients and the Businesses and the US Government covering them are all getting ripped off by the University of Virginia Medical Center's exorbitant pricing of hospital and other health care procedures.
Which takes me finally to a very positive aspect of the extremely high University of Virginia Medical Center's Bottom Line Profits as well as the resultant massive build-up of the Net Assets of the University of Virginia Medical Center.
With such substantial Total Net Assets dollar increases of the University of Virginia Medical Center, one of the key beneficiaries of this will be Virginia citizens electing to buy health insurance on the Health Insurance Exchange. This exceptional Net Asset growth gives the University of Virginia Medical Center 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.
Virginia Struggling Hospitals
The State of Virginia is being very transparent with its citizens by having available for review annually at its Health Information website very detailed financial information on each of its 81 Short-term Acute Care and Critical Access Hospitals.
Overall, the 81 Virginia Hospitals had a Total Operating Income as a Percentage of Total Revenues of 7.6% for 2012, which is second to only Wisconsin's 8.2% highest of any US State. And these 81 Virgina Hospitals' Total Operating Income of $1.253 bil in 2012 was burdened with an Earnings Charge of $1.152 bil due to Provisions for Bad Debts. In addition, their Total Uncompensated Charity Care Charges Foregone were another $2.348 bil in 2012.
But you have to stratify these Hospitals to find out what is really going on with Virginia Hospitals.
First, let's look at the upper end Virginia Hospitals.
There were 22 of these 81 Virginia Hospitals which generated Operating Income as a Percentage of Total Operating Revenues of above 10.0% in 2012. I'll call these Top 22 the Pure Gold Hospitals. In the aggregate, they generated Total Operating Income of 13.5% of Total Operating Revenues.....that's about 40% 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. Here are the Top 22:
|Pure Gold Hospitals|
|Bedford Memorial Hospital||Bedford||6,126||29,150||21.0%|
|Riverside Regional Medical Center||Newport News||77,380||400,516||19.3%|
|Riverside Walter Reed Hospital||Gloucester||10,467||54,593||19.2%|
|Reston Hospital Center||Reston||51,200||281,318||18.2%|
|Inova Fair Oaks Hospital||Fairfax||42,989||264,553||16.2%|
|LewisGale Hospital Montgomery||Blacksburg||13,490||85,726||15.7%|
|Sentara Leigh Hospital||Norfolk||34,449||233,680||14.7%|
|Carilion New River Valley Med Ctr||Christiansburg||21,648||150,079||14.4%|
|Prince William Hospital||Manassas||28,812||200,626||14.4%|
|Community Memorial Healthcenter||South Hill||8,102||59,162||13.7%|
|CJW Medical Center||Richmond||85,160||628,950||13.5%|
|LewisGale Medical Center||Salem||36,570||275,058||13.3%|
|Norton Community Hospital||Norton||6,766||51,911||13.0%|
|Wythe County Community Hospital||Wytheville||5,268||42,104||12.5%|
|Inova Loudon Hospital||Leesburg||29,303||236,721||12.4%|
|Clinch Valley Medical Center||Richlands||6,850||59,908||11.4%|
|Inova Alexandria Hospital||Alexandria||36,664||321,648||11.4%|
|Henrico Doctors' Hospital||Richmond||50,319||454,474||11.1%|
|VCU Health System||Richmond||121,185||1,099,566||11.0%|
|Sentara Careplex Hospital||Hampton||22,912||215,637||10.6%|
|Bon Secours Mary Immaculate Hosp||Newport News||17,281||166,265||10.4%|
|Total all 22 Pure Gold Hospitals||746,118||5,542,586||13.5%|
But you get a completely different story when you look at the bottom portion of these 81 Virginia Hospitals. I'll call them the In-The-Red Virginia Hospitals.
Of the 81 Virginia Hospitals, an amazingly high 28 of them, or 35% of them, are In-The-Red.....each of them posting Operating Losses in 2012. Here are the 28 In-The-Red Virginia Hospitals:
|Bath County Community Hospital||Hot Springs||(2,506)||11,224||-22.3%|
|Southern Virginia Reg Medical Ctr||Emporia||(5,812)||29,133||-19.9%|
|Smyth County Community Hospital||Marion||(6,026)||32,279||-18.7%|
|Cumberland Hospital for Children||New Kent||(3,928)||22,431||-17.5%|
|Spotsylvania Regional Med Center||Fredericksburg||(13,680)||80,897||-16.9%|
|Southampton Memorial Hospital||Franklin||(6,040)||36,093||-16.7%|
|Dickenson Community Hospital||Clintwood||(672)||4,885||-13.8%|
|Mountain View Reg Medical Ctr||Norton||(3,045)||22,216||-13.7%|
|Russell County Medical Center||Lebanon||(2,562)||23,366||-11.0%|
|Riverside Shore Memorial Hospital||Nassawadox||(5,104)||47,193||-10.8%|
|Twin County Regional Hospital||Galax||(3,141)||30,195||-10.4%|
|Bon Secours DePaul Medical Ctr||Norfolk||(15,217)||148,102||-10.3%|
|Stafford Hospital Center||Stafford||(5,732)||70,157||-8.2%|
|Valley Health Shenandoah Meml Hosp||Woodstock||(3,342)||43,177||-7.7%|
|Buchanan General Hospital||Grundy||(1,522)||21,251||-7.2%|
|Page Memorial Hospital||Luray||(1,046)||21,971||-4.8%|
|Danville Regional Medical Center||Danville||(5,680)||132,084||-4.3%|
|Wellmont Lonesome Pine Hospital||Big Stone Gap||(1,440)||35,485||-4.1%|
|John Randolph Medical Center||Hopewell||(2,723)||67,403||-4.0%|
|Valley Health Warren Memorial Hosp||Front Royal||(1,172)||52,143||-2.2%|
|Mary Washington Hospital||Fredericksburg||(7,980)||396,872||-2.0%|
|Pioneer Community Hospital Patrick||Stuart||(99)||10,087||-1.0%|
|Inova Mount Vernon Hospital||Alexandria||(1,094)||157,818||-0.7%|
|Carilion Giles Community Hospital||Pearisburg||(122)||24,815||-0.5%|
|Johnston Memorial Hospital||Abingdon||(285)||113,623||-0.3%|
|Carilion Tazewell Community Hosp||Tazewell||(26)||11,786||-0.2%|
|Rappahannock General Hospital||Kilmarnock||(31)||33,447||-0.1%|
|Chesapeake Regional Medical Center||Chesapeake||(153)||240,298||-0.1%|
|Total all 28 In-The-Red Hospitals||(100,180)||1,920,431||-5.2%|
When you have 35% of your State Hospitals generating Operating Losses, you have a financial problem with your State's Hospitals that you have to quickly address.
By far the best and only economically good way to put a major dent in the Operating Losses of the many Virginia struggling Hospitals is for the State of Virginia to fully expand Medicaid and do so as quickly as possible. If Virginia did this, with the resultant massive inflow of Patient Revenues from Medicaid expansion, the struggling Virginia 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 Virginia Hospitals with very modest Operating Income would have their profits bolstered very robustly.
If Virginia 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 Virginia Hospitals would be Virginia citizens electing to buy health insurance on the Health Insurance Exchange. This exceptional Net Asset growth from Medicaid expansion would give all Virginia 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.