In this second post on this Florida Hospital Financial Data, I will cover key aspects of the General Acute Care For-Profit Hospitals. There were 84 of them reporting their financial data to the State of Florida in 2012.
What stuck out to me is how the Total Profits of these Florida General Acute Care For-Profit Hospitals have dramatically increased during the Obama Administration and the Affordable Care Act (ACA) through 2012.
In 2008, the last year of the Bush 2 Administration, the Total Operating Income of all Florida General Acute Care For-Profit Hospitals was $231.5 mil, which was 2.6% of Total Operating Revenues of $8.930 bil.
In 2012, this Total Operating Income of all Florida General Acute Care For-Profit Hospitals was $932.0 mil, which was 8.3% of Total Operating Revenues of $11.177 bil.
Thus for the first 4 years of the Obama Administration, this Total Operating Income Margin Percentage increased by a substantial 219% from 2.6% in 2008 to 8.3% in 2012.
In dollar terms, this Operating Income Margin increased even more so during the first 4 years of the Obama Administration or by a spectacular 303%, going from $231.5 mil in 2008 to $932.0 bil in 2012.
It is very easy for me to understand why so many in the Hospital Industry like both the Obama Administration and the ACA so much.....they have flat out thrived during them.
The chart below shows the Total Operating Income, Total Operating Revenues and Total Operating Margin Percentages of all Florida General Acute Care For-Profit Hospitals for each of the 5 years from 2008 to 2012:
| Florida General Acute Care For-Profit Hospitals | |||
| Operating | |||
| Total | Total | Income | |
| Operating | Operating | Margin | |
| Income | Revenues | % | |
| $000s | $000s | ||
| 2008 | 231,453 | 8,930,475 | 2.6% |
| 2009 | 606,204 | 9,354,703 | 6.5% |
| 2010 | 738,398 | 9,747,779 | 7.6% |
| 2011 | 914,520 | 10,585,838 | 8.6% |
| 2012 | 932,014 | 11,177,230 | 8.3% |
The chart below shows the 2012 above amounts for each of the 84 Florida General Acute Care For-Profit Hospitals:
| 2012 | ||||
| Operating | ||||
| 2012 | 2012 | Income | ||
| Operating | Total | (Loss) | ||
| Income | Operating | Margin | ||
| County | Hospital Name | (Loss) | Revenues | % |
| $000s | $000s | |||
| Florida General Acute Care For-Profit Hospitals | ||||
| Monroe | Depoo Hospital | 29,652 | 95,055 | 31.2% |
| Bay | Gulf Coast Medical Center | 42,152 | 175,657 | 24.0% |
| Polk | Heart of Florida Regional Med Ctr | 30,315 | 132,340 | 22.9% |
| Miami-Dade | Kendall Regional Medical Center | 69,538 | 307,913 | 22.6% |
| Indian River | Sebastian River Medical Center | 17,086 | 77,588 | 22.0% |
| Hernando | Brooksville Regional Hospital | 32,815 | 151,898 | 21.6% |
| Okaloosa | Fort Walton Beach Medical Center | 36,139 | 176,059 | 20.5% |
| Alachua | North Florida Regional Med Ctr | 70,553 | 352,527 | 20.0% |
| Hillsborough | Brandon Regional Hospital | 61,425 | 313,268 | 19.6% |
| St Lucie | St Lucie Medical Center | 29,840 | 163,665 | 18.2% |
| Okeechobee | Raulerson Hospital | 11,234 | 65,881 | 17.1% |
| St Lucie | Lawnwood Reg Med Ctr & Heart Inst | 41,595 | 252,276 | 16.5% |
| Broward | Westside Regional Medical Center | 27,499 | 171,178 | 16.1% |
| Brevard | Wuesthoff Med Ctr-Melbourne | 13,614 | 85,109 | 16.0% |
| Collier | Physicians Reg Med Ctr-Pine Ridge | 30,355 | 199,827 | 15.2% |
| Osceola | Osceola Regional Medical Center | 37,273 | 249,363 | 14.9% |
| Clay | Orange Park Medical Center | 33,733 | 238,305 | 14.2% |
| Citrus | Seven Rivers Regional Med Ctr | 10,013 | 77,744 | 12.9% |
| Hernando | Oak Hill Hospital | 20,393 | 158,750 | 12.8% |
| Miami-Dade | Aventura Hospital and Med Ctr | 36,195 | 282,491 | 12.8% |
| Osceola | St Cloud Regional Medical Center | 6,046 | 49,810 | 12.1% |
| Okaloosa | Twin Cities Hospital | 4,860 | 41,703 | 11.7% |
| Okaloosa | North Okaloosa Medical Center | 9,061 | 78,105 | 11.6% |
| Palm Beach | West Boca Medical Center | 15,248 | 135,685 | 11.2% |
| Santa Rosa | Santa Rosa Medical Center | 6,334 | 56,899 | 11.1% |
| Broward | Northwest Medical Center | 17,793 | 162,597 | 10.9% |
| Suwanee | Shands Live Oak Regional Med Ctr | 2,172 | 20,170 | 10.8% |
| Palm Beach | Delray Medical Center | 28,360 | 264,991 | 10.7% |
| Madison | Blake Medical Center | 19,290 | 185,863 | 10.4% |
| Pinellas | Largo Medical Center | 25,057 | 245,790 | 10.2% |
| Lee | Capital Regional Medical Center | 15,677 | 156,352 | 10.0% |
| Escambia | West Florida Hospital | 19,710 | 202,037 | 9.8% |
| Marion | Ocala Regional Medical Center | 21,820 | 225,613 | 9.7% |
| Polk | Bartow Regional Medical Center | 5,600 | 58,243 | 9.6% |
| Manatee | Lakewood Ranch Medical Center | 5,946 | 65,970 | 9.0% |
| Hillsborough | South Bay Hospital | 6,137 | 74,666 | 8.2% |
| Charlotte | Peace River Regional Medical Center | 10,248 | 127,045 | 8.1% |
| Pasco | Regional Med Center Bayonet Point | 14,105 | 179,376 | 7.9% |
| Palm Beach | Palms West Hospital | 10,495 | 140,352 | 7.5% |
| Palm Beach | St Mary's Medical Center | 19,125 | 259,910 | 7.4% |
| Palm Beach | JFK Medical Center | 27,249 | 377,327 | 7.2% |
| Hillsborough | Memorial Hospital Tampa | 4,604 | 67,403 | 6.8% |
| Columbia | Lake City Medical Center | 3,591 | 55,118 | 6.5% |
| Seminole | Central Florida Regional Hospital | 7,652 | 128,847 | 5.9% |
| Palm Beach | Good Samaritan Medical Center | 8,643 | 147,206 | 5.9% |
| Pasco | Pasco Regional Medical Center | 2,761 | 50,027 | 5.5% |
| Sarasota | Venice Regional Medical Center | 8,403 | 154,817 | 5.4% |
| Sarasota | Doctors Hospital sarasota | 5,663 | 104,612 | 5.4% |
| Charlotte | Fawcett Memorial Hospital | 7,293 | 140,395 | 5.2% |
| Polk | Lake Wales Medical Center | 2,805 | 57,307 | 4.9% |
| Miami-Dade | Palmetto General Hospital | 12,201 | 250,382 | 4.9% |
| Pinellas | St Petersburg General Hospital | 4,468 | 97,192 | 4.6% |
| Palm Beach | Palm Beach Gardens Medical Center | 7,252 | 174,445 | 4.2% |
| Bradford | Shands Starke Regional Med Center | 802 | 23,679 | 3.4% |
| Duval | Memorial Hospital Jacksonville | 9,438 | 290,008 | 3.3% |
| Miami-Dade | Larkin Community Hospital | 2,299 | 72,691 | 3.2% |
| Washington | Northwest Florida Community Hosp | 666 | 22,590 | 2.9% |
| Manatee | Manatee Memorial Hospital | 4,306 | 201,900 | 2.1% |
| Palm Beach | Wellington Regional Medical Center | 1,795 | 126,454 | 1.4% |
| Miami-Dade | Hialeah Hospital | 1,238 | 108,036 | 1.1% |
| Miami-Dade | Westchester General Hospital | 335 | 58,929 | 0.6% |
| Miami-Dade | Coral Gables Hospital | (108) | 74,560 | -0.1% |
| Lee | Lehigh Regional Medical Center | (456) | 38,404 | -1.2% |
| Miami-Dade | North Shore Medical Center | (3,447) | 268,931 | -1.3% |
| Pinellas | Palms of Pasadena Hospital | (993) | 72,739 | -1.4% |
| Walton | Healthmark Regional Medical Center | (158) | 10,087 | -1.6% |
| Brevard | Wuesthoff Medical Center-Rockledge | (2,798) | 145,376 | -1.9% |
| Pinellas | Edward White Hospital | (1,093) | 51,724 | -2.1% |
| Columbia | Shands Lake Shore Regional Med Ctr | (1,233) | 44,758 | -2.8% |
| Broward | University Hospital and Med Center | (2,954) | 98,846 | -3.0% |
| Miami-Dade | Palm Springs General Hospital | (1,695) | 54,668 | -3.1% |
| Charlotte | Charlotte Regional Medical Center | (2,422) | 73,597 | -3.3% |
| Pinellas | Northside Hospital | (4,244) | 117,766 | -3.6% |
| Highlands | Highlands Regional Medical Center | (2,529) | 55,555 | -4.6% |
| Hillsborough | Town & Country Hospital | (3,170) | 51,600 | -6.1% |
| Broward | Plantation General Hospital | (23,864) | 333,487 | -7.2% |
| Miami-Dade | Metropolitan Hospital Miami | (2,817) | 39,053 | -7.2% |
| Sarasota | Englewood Community Hospital | (3,348) | 33,404 | -10.0% |
| Pasco | Medical Center Trinity | (21,188) | 148,317 | -14.3% |
| Bay | Bay Med Ctr: Sacred Heart System | (23,348) | 158,927 | -14.7% |
| Union | Lake Butler Hosp Hand Surgery Ctr | (1,211) | 7,976 | -15.2% |
| Palm Beach | West Palm Hospital | (17,890) | 73,835 | -24.2% |
| Putnam | Putnam Community Medical Center | (13,317) | 53,000 | -25.1% |
| Levy | Regional General Hosp-Williston | (1,666) | 3,184 | -52.3% |
| Total 84 General Acute Care For-Profit Hospitals | 932,018 | 11,177,230 | 8.3% | |
Clearly, there is a huge range of Operating Income (Loss) Margin Percentages:
- 8 of the 84 had Operating Profit Margins of 20% or higher in 2012
- 15 of the 84 had Operating Profit Margins of 15% or higher in 2012
- 31 of the 84 had Operating Profit Margins of 10% or higher in 2012
- 23 of the 84 had Operating Losses in 2012
The 2012 Total Operating Income of $932 mil includes a monstrous earnings charge for Total Provisions for Bad Debts of $1.844 bil. In addition, the 2012 Uncompensated Charity Care Charges Foregone were another huge $1.501 bil. With the ACA, a significant portion of these 2 items will be eliminated, thereby markedly increasing the Patient Service Fee Income and thus also the Income of every Florida Hospital. And if Florida were to fully expand Medicaid, a huge portion of these 2 items will be eliminated, thereby very substantially increasing the Patient Service Fee Income and also the Income of nearly every Florida Hospital.
Yeah, I think it is time for these Florida General Acute Care For-Profit Hospitals to patriotically step up by removing a good chunk of their excessive profits by reducing their very steep Patient Service Fee Charges and also negotiating more fairly with Health Insurance Companies. This responsible action will result in substantially reduced health insurance premiums as well as an additional substantial reduction in the annual growth rate of Total US Health Care Costs.
More details to come.
