In this first post on this Florida Hospital Financial Data, I will cover key aspects of the General Acute Care Non-Profit Hospitals. There were 72 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 Non-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 Non-Profit Hospitals was $455.6 mil, which was 2.5% of Total Operating Revenues of $18.274 bil.
Then subsequent to 2008, this Total Operating Income Margin consistently and markedly increased each year, going from 2.5% in 2008 to 4.0% in 2009, then to 5.3% in 2010, then to 6.5% in 2011 and then to 6.9% in 2012.
Thus for the first 4 years of the Obama Administration, this Total Operating Income Margin Percentage increased by a substantial 176% from 2.5% in 2008 to 6.9% in 2012.
In dollar terms, this Operating Income Margin increased even more so during the first 4 years of the Obama Administration or by 229%, going from $455.6 mil in 2008 to $1.499.4 bil in 2012.
The chart below shows the Total Operating Income, Total Operating Revenues and Total Operating Margin Percentages of all Florida General Acute Care Non-Profit Hospitals for each of the 10 years from 2003 to 2012:
| Florida General Acute Care Non-Profit Hospitals | |||
| Operating | |||
| Total | Total | Income | |
| Operating | Operating | Margin | |
| Income | Revenues | % | |
| $000s | $000s | ||
| 2003 | 416,765 | 12,831,317 | 3.2% |
| 2004 | 434,822 | 13,978,741 | 3.1% |
| 2005 | 583,884 | 15,037,063 | 3.9% |
| 2006 | 394,533 | 15,747,082 | 2.5% |
| 2007 | 403,678 | 17,107,886 | 2.4% |
| 2008 | 455,580 | 18,274,208 | 2.5% |
| 2009 | 762,469 | 19,199,099 | 4.0% |
| 2010 | 1,078,367 | 20,227,076 | 5.3% |
| 2011 | 1,354,700 | 20,789,586 | 6.5% |
| 2012 | 1,499,413 | 21,640,512 | 6.9% |
As great as growth of these above Total Operating Income Margins of all of these Florida General Acute Care Non-Profit Hospitals were during the first 4 years of the Obama Administration, this was just a drop in the bucket as compared to the spectacular growth in the Bottom Line Profit Margin growth. Bottom Line Profit includes both Operating Income and Non-Operating Income, the latter being predominately Total Investment Returns.
In 2008, the last year of the Bush 2 Administration, the Total Bottom Line Income of all Florida General Acute Care Non-Profit Hospitals was $315.0 mil, which was 1.7% of Total Operating Revenues of $18.274 bil.
Then subsequent to 2008, this Total Bottom Line Income Margin consistently and markedly increased each year, going from 1.7% in 2008 to 5.0% in 2009, then to 6.6% in 2010, then to 6.8% in 2011 and then to an amazingly high 8.4% in 2012.
Thus for the first 4 years of the Obama Administration, this Total Bottom Line Income Margin Percentage increased by a spectacular 394% from 1.7% in 2008 to 8.4% in 2012.
In dollar terms, this Total Bottom Line Income Margin increased even more so during the first 4 years of the Obama Administration or by an even more spectacular 478%, going from $315.0 mil in 2008 to $1.821.3 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 Bottom Line Income, Total Operating Revenues and Total Bottom Line Income Margin Percentages of all Florida General Acute Care Non-Profit Hospitals for each of the 5 years from 2008 to 2012:
| Florida General Acute Care Non-Profit Hospitals | |||
| Bottom | |||
| Total | Line | ||
| Bottom | Total | Income | |
| Line | Operating | Margin | |
| Income | Revenues | % | |
| $000s | $000s | ||
| 2008 | 314,986 | 18,274,208 | 1.7% |
| 2009 | 956,548 | 19,199,099 | 5.0% |
| 2010 | 1,325,432 | 20,227,076 | 6.6% |
| 2011 | 1,404,921 | 20,789,586 | 6.8% |
| 2012 | 1,821,327 | 21,640,512 | 8.4% |
The chart below shows the 2012 above amounts for each of the 72 Florida General Acute Care Non-Profit Hospitals:
| 2012 | ||||
| Bottom | ||||
| 2012 | Line | |||
| Bottom | 2012 | Profit | ||
| Line | Total | (Loss) | ||
| Profit | Operating | Margin | ||
| County | Hospital Name | (Loss) | Revenues | % |
| $000s | $000s | |||
| Florida General Acute Care Non-Profit Hospitals | ||||
| Duval | Baptist Medical Center-Jacksonville | 189,553 | 760,455 | 24.9% |
| Hillsborough | South Florida Baptist Hospital | 21,379 | 92,976 | 23.0% |
| Flagler | Florida Hospital Flagler | 26,573 | 117,172 | 22.7% |
| Nassau | Baptist Medical Center-Nassau | 12,029 | 56,522 | 21.3% |
| Walton | Sacred Heart Hospital Emerald Coast | 15,438 | 85,268 | 18.1% |
| Lee | Lee Memorial Hospital | 100,824 | 598,127 | 16.9% |
| Duval | Baptist Medical Center-Beaches | 17,347 | 106,845 | 16.2% |
| Broward | Cleveland Clinic Hospital | 32,817 | 204,364 | 16.1% |
| Pinellas | Morton Plant Hospital | 62,400 | 443,755 | 14.1% |
| Brevard | Holmes Regional Medical Center | 59,537 | 426,250 | 14.0% |
| Pinellas | St Anthony's Hospital | 28,336 | 210,319 | 13.5% |
| Hillsborough | St Joseph's Hospital | 99,677 | 763,367 | 13.1% |
| Pasco | Morton Plant North Bay Hospital | 13,358 | 105,804 | 12.6% |
| Pinellas | Mease Dunedin Hospital | 41,879 | 336,912 | 12.4% |
| Orange | Orlando Regional Medical Center | 176,931 | 1,565,291 | 11.3% |
| Duval | Mayo Clinic | 45,635 | 405,625 | 11.3% |
| Polk | Lakeland Regional Medical Center | 59,688 | 553,404 | 10.8% |
| Duval | St Vincent's Medical Center Riverside | 42,847 | 412,092 | 10.4% |
| Orange | Florida Hospital | 241,979 | 2,381,665 | 10.2% |
| Miami-Dade | Doctors Hospital | 18,868 | 190,599 | 9.9% |
| Hillsborough | Florida Hospital Carrollwood | 10,481 | 105,917 | 9.9% |
| Lee | Cape Coral Hospital | 17,701 | 181,216 | 9.8% |
| Lake | Florida Hospital Waterman | 19,013 | 197,657 | 9.6% |
| St Johns | Flagler Hospital | 18,990 | 201,040 | 9.4% |
| Leon | Tallahassee Memorial Hospital | 40,236 | 450,140 | 8.9% |
| Miami-Dade | Baptist Hospital Miami | 71,924 | 819,170 | 8.8% |
| Volusia | Bert Fish Medical Center | 5,678 | 64,846 | 8.8% |
| Brevard | Cape Canaveral Hospital | 8,607 | 100,794 | 8.5% |
| Escambia | Sacred Heart Hospital | 32,112 | 385,761 | 8.3% |
| Miami-Dade | South Miami Hospital | 36,659 | 443,546 | 8.3% |
| Hillsborough | Florida Hospital Tampa | 29,316 | 356,657 | 8.2% |
| Palm Beach | Bethesda Hospital East | 20,366 | 256,573 | 7.9% |
| Martin | Martin Medical Center | 22,570 | 285,649 | 7.9% |
| Lake | South Lake Hospital | 10,528 | 133,927 | 7.9% |
| Volusia | Florida Hospital Deland | 9,153 | 119,000 | 7.7% |
| Alachua | Shands Hospital University Florida | 80,637 | 1,051,923 | 7.7% |
| Lake | Leesburg Regional Medical Center | 16,764 | 221,463 | 7.6% |
| Broward | Holy Cross Hospital | 21,144 | 324,007 | 6.5% |
| Brevard | Palm Bay Hospital | 5,020 | 77,731 | 6.5% |
| Madison | Madison County Memorial Hospital | 543 | 8,515 | 6.4% |
| Volusia | Florida Hospital Fish Memorial | 7,061 | 120,428 | 5.9% |
| Miami-Dade | Mount Sinai Medical Center | 25,459 | 438,637 | 5.8% |
| Collier | Naples Community Hospital | 23,632 | 408,910 | 5.8% |
| Hillsborough | Tampa General Hospital | 48,192 | 932,600 | 5.2% |
| Highlands | Florida Hospital Heartland Med Ctr | 7,292 | 141,550 | 5.2% |
| Polk | Winter Haven Hospital | 11,890 | 241,499 | 4.9% |
| Escambia | Baptist Hospital | 16,905 | 352,326 | 4.8% |
| Volusia | Florida Hospital Oceanside | 10,250 | 214,260 | 4.8% |
| Duval | St Vincent's Med Center Southside | 7,323 | 154,466 | 4.7% |
| Pasco | Florida Hospital Zephyrhills | 5,375 | 129,884 | 4.1% |
| Lee | Gulf Coast Med Ctr Lee Memorial | 10,894 | 281,454 | 3.9% |
| Monroe | Mariners Hospital | 1,490 | 44,996 | 3.3% |
| Palm Beach | Jupiter Medical Center | 3,672 | 171,344 | 2.1% |
| Sumter | Villages Regional Hospital | 2,341 | 144,965 | 1.6% |
| Hardee | Florida Hospital Wauchula | 147 | 20,356 | 0.7% |
| Indian River | Indian River Medical Center | 80 | 167,755 | 0.0% |
| Taylor | Doctors Memorial Hospital | (273) | 18,782 | -1.5% |
| Palm Beach | Boca Raton Regional Hospital | (4,599) | 307,976 | -1.5% |
| Calhoun | Calhoun-Liberty Hospital | (231) | 9,467 | -2.4% |
| Miami-Dade | University Miami Hospital | (11,507) | 335,943 | -3.4% |
| Citrus | Citrus Memorial Hospital | (6,609) | 137,320 | -4.8% |
| Duval | UF Health Jacksonville | (25,411) | 493,420 | -5.1% |
| Pinellas | Bayfront Medical Center | (12,492) | 238,891 | -5.2% |
| Orange | Health Central | (3,374) | 59,412 | -5.7% |
| Santa Rosa | Jay Hospital | (612) | 10,282 | -6.0% |
| Pinellas | Florida Hospital North Pinellas | (6,447) | 68,455 | -9.4% |
| Monroe | Fishermen's Hospital | (2,235) | 23,070 | -9.7% |
| Miami-Dade | Homestead Hospital | (18,086) | 163,829 | -11.0% |
| Brevard | Viera Hospital | (8,332) | 61,417 | -13.6% |
| Pasco | Florida Hospital Wesley Chapel | (1,904) | 12,954 | -14.7% |
| Miami-Dade | West Kendall Baptist Hospital | (37,380) | 122,522 | -30.5% |
| Gulf | Sacred Heart Hospital on the Gulf | (5,718) | 9,001 | -63.5% |
| Total 72 General Acute Care Non-Profit Hospitals | 1,821,330 | 21,640,515 | 8.4% | |
Clearly, there is a huge range of Bottom Line Profit (Loss) Margin Percentages:
- 4 of the 72 had 2012 Profit Margins above 20%
- 19 of the 72 had 2012 Profit Margins above 10%
- 16 of the 72 had Losses in 2012
And frankly, I can't even come close to getting many of the above Bottom Line Profit (Loss) amounts to tie out with their Audited Financial Statements. As a general rule, the Audited Financial Statements located online at EMMA have significantly higher 2012 Bottom Line Profits than what these Hospitals reported to the State of Florida.
But there is much more to this incredible profit story of these Florida General Acute Care Non-Profit Hospitals.
The 2012 Total Operating Income of $1.499 bil and 2012 Total Bottom Line Income of $1.821 bil both include a monstrous earnings charge for Total Provisions for Bad Debts of $2.191 bil. In addition, the 2012 Uncompensated Charity Care Charges Foregone were another monstrous $4.450 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 Non-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.
