Something remarkable happened in May.
The following graphic was derived (we used cut and paste to remove the main hospital and other entities) from the May 2018 financial report published by our county hospital.
According to these figures the children’s hospital was profitable for the month of May!
We don’t know if there were unusual accounting entries during the month so we will have to wait to see what they do next month.
This is better!
If they receive tax dollars it is not possible for them to show any profit in reality, so celebrating a “profit” is being disingenuous or naïve.
Taking money away from taxpayers isn’t the same thing as selling them a product or service. It is, in fact, quite the opposite. We cannot go there and get services free or even at a discount.
There is no occupancy expense shown, what UMC used to milk money from CH. Unless it’s in “‘purchased services” or “other operating expenses.” I wonder what the deal is?
Maybe this is the light at the end of the tunnel. Hope so.
BRUTUS: thanks for posting this information; and if you get updates in the future please also post them.
The EPCH CEO Cindy Stout is an outstanding administrator.
She recognized Medicaid reimbursements were below fair market and started renegotiations at the beginning of the year with providers to meet a March deadline.
Needless to say the Medicaid providers were resistant and went past the deadline in a game of “chicken”, putting Medicaid coverage for EPCH patients at risk..
In addition to Ms Stout’s administrative expertise she apparently has nerves of steel and knows how to play “chicken” and win.
She kept them at the table and succeeded in renegotiating higher and fair reimbursements for the hospital.
The increased profitability are a result of Ms Stout’s expertise and negotiation skills.
You are speechless…
So a baby aspirin went from $12 to $24 each?