| FYE | Balance | Net | ||||||
| Most | Balance | Sheet | Assets | |||||
| Most | Recent | Sheet | Net | % | ||||
| Recent | Balance | Date | Assets | Change | ||||
| Balance | Sheet | Beginning | Beginning | During | ||||
| City | State | Sheet | Net | Obama | Obama | Obama | ||
| Hospital Organization | HQs | HQs | Date | Assets | Admin | Admin | Admin | |
| mil $s | mil $s | |||||||
| CAMC Health System | Charleston | WV | Dec 13 | 518 | Dec 08 | 211 | 145% | |
| West Virginia United Health System | Fairmont | WV | Dec 13 | 1,033 | Dec 08 | 608 | 70% | |
| Total of both | 1,551 | 819 | 89% |
As you can see from the above chart, the Total Net Assets (Financial Strength) of these two West Virginia Non-Profit Hospital Organizations increased by a spectacular 89% during the first 5.00 years of the Obama Administration. And just in the past 6 months, this Net Asset growth increased from 79% to 89%.
Very positively impacting this major increase in the Net Assets (Financial Strength) of these 2 West 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 2 West 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 2 West Virginia Hospitals, a key beneficiary of this will be West Virginia citizens electing to buy health insurance on the Federal Health Insurance Exchange. This spectacular Net Asset growth gives these West 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.
So Many Struggling West Virginia Hospitals
From West Virginia's excellent health website, there were 61 West Virginia Hospitals in 2012. Of these 61 West Virginia Hospitals, an amazingly high 35 of them, or 57% of them, posted Losses from Patient Services in 2012. In the chart below are these 61 Hospitals:
| 2012 | 2012 | ||
| Income | Income | ||
| (Loss) | 2012 | (Loss) | |
| From | Net | Margin: | |
| Patient | Patient | Patient | |
|
|
Services | Revenues | Services |
| $000s | $000s | % | |
| General Acute Care Hospitals | |||
| Welch Community | (8,785) | 21,635 | -40.6% |
| Weirton Medical | (13,772) | 77,819 | -17.7% |
| Williamson | (4,224) | 29,434 | -14.4% |
| Bluefield Regional | (9,304) | 71,893 | -12.9% |
| Reynolds Memorial | (3,021) | 33,423 | -9.0% |
| Thomas Memorial | (13,004) | 147,484 | -8.8% |
| St Joseph's | (2,843) | 37,826 | -7.5% |
| CamdenClark | (11,207) | 223,581 | -5.0% |
| Pleasant Valley | (2,881) | 61,136 | -4.7% |
| Summersville | (1,800) | 43,375 | -4.1% |
| Fairmont General | (2,575) | 75,697 | -3.4% |
| Wetzel County | (539) | 23,699 | -2.3% |
| Stonewall Jackson | (844) | 39,756 | -2.1% |
| Wheeling | (3,694) | 258,438 | -1.4% |
| United Hospital | (2,903) | 225,805 | -1.3% |
| St Francis | (1,132) | 98,706 | -1.1% |
| Jackson General | (233) | 23,410 | -1.0% |
| Davis Memorial | (461) | 75,992 | -0.6% |
| Ohio Valley | (535) | 96,286 | -0.6% |
| WVU Hospitals | (2,588) | 640,367 | -0.4% |
| CAMC | 7,230 | 768,763 | 0.9% |
| City Hospital | 1,733 | 135,645 | 1.3% |
| Princeton | 2,099 | 117,569 | 1.8% |
| Cabell Huntington | 8,951 | 378,754 | 2.4% |
| St Mary's | 8,848 | 348,032 | 2.5% |
| Monongalia General | 8,645 | 209,168 | 4.1% |
| Beckley ARH | 3,196 | 77,160 | 4.1% |
| Logan Regional | 8,917 | 97,741 | 9.1% |
| CAMC Teays Valley | 5,907 | 57,765 | 10.2% |
| Raleigh General | 18,391 | 164,704 | 11.2% |
| Greenbrier Valley | 14,765 | 71,138 | 20.8% |
| Charlestown Surgical | 6,073 | 18,167 | 33.4% |
| Total all 32 | 8,410 | 4,750,368 | 0.2% |
| Critical Access Hospitals | |||
| Hampshire | (3,017) | 17,279 | -17.5% |
| Minnie Hamilton | (1,909) | 14,815 | -12.9% |
| Summers ARH | (1,294) | 13,798 | -9.4% |
| Braxton County | (1,258) | 13,460 | -9.3% |
| War Memorial | (1,572) | 16,977 | -9.3% |
| Roane General | (1,294) | 22,096 | -5.9% |
| Grant Memorial | (1,484) | 28,949 | -5.1% |
| Pocahontas | (343) | 9,710 | -3.5% |
| Sistersville General | (255) | 10,253 | -2.5% |
| Broaddus | (334) | 14,484 | -2.3% |
| Grafton City | (364) | 17,682 | -2.1% |
| Potomac Valley | (307) | 19,677 | -1.6% |
| Montgomery | (74) | 20,156 | -0.4% |
| Boone Memorial | 510 | 19,753 | 2.6% |
| Preston Memorial | 730 | 24,201 | 3.0% |
| Jefferson | 2,346 | 43,740 | 5.4% |
| Webster County | 845 | 11,694 | 7.2% |
| Plateau Medical | 3,712 | 36,027 | 10.3% |
| Total all 18 | (5,362) | 354,751 | -1.5% |
| Long-term Acute Care | |||
| Cornerstone | 4,533 | 15,895 | 28.5% |
| Select Specialty | 1,325 | 16,763 | 7.9% |
| Total of both | 5,858 | 32,658 | 17.9% |
| Psychiatric Hospitals | |||
| Mildred Bateman | (26,710) | 10,172 | -262.6% |
| Sharpe | (33,919) | 13,369 | -253.7% |
| River Park | 430 | 25,233 | 1.7% |
| Highland | 324 | 11,838 | 2.7% |
| Total all 4 | (59,875) | 60,612 | -98.8% |
| Rehabilitation Hospitals | |||
| Huntington Rehab | 3,116 | 17,712 | 17.6% |
| Mountainview | 3,777 | 28,881 | 13.1% |
| Peterson Rehab | 3,673 | 22,530 | 16.3% |
| Southern Hills | 2,112 | 13,910 | 15.2% |
| Western Hills | 2,655 | 17,266 | 15.4% |
| Total all 5 | 15,333 | 100,299 | 15.3% |
| Grand Total all 61 | (35,636) | 5,298,688 | -0.7% |
When a State posts a Total Net Operating Loss from Patient Services for all of its 61 Hospitals combined of $(35.6) mil and further when 57% of its Hospitals post Losses, then the State has a weak health care financial status which needs to be quickly corrected.
By far the best and only wise way to put a major dent in the huge widespread Operating Losses and very modest profits of the many struggling West Virginia Hospitals is for the State of West Virginia to fully expand Medicaid, which it wisely has done. There will be a resultant huge inflow of Patient Revenues from Medicaid expansion, and thus these struggling West Virginia Hospitals will be able to substantially improve their Hospital profitability.
In addition, one of the key beneficiaries of the resultant very healthy profit improvement and thus also Total Net Assets improvement of all West Virginia Hospitals due to Medicaid expansion in West Virginia will be West Virginia citizens electing to buy health insurance on the Health Insurance Exchange. This exceptional Net Asset growth from Medicaid expansion will give all West 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.
