The Washington State Department of Health has received final financial reports from hospitals for 2014, providing an update to State of Reform’s previous report on the financial health of Washington hospitals. While some of the final numbers have been adjusted, the overall results remain with 62 of 82 hospitals reporting positive margins for 2014. For the year, Washington hospitals maintained a grand total margin of over $1.1 billion, and an average margin of nearly $14 million.
The adjustments account for a small shake-up in the ranking of top earning hospitals for the year, but most of the top hospitals maintained their position. Seattle Children’s Hospital (SCH) reported a margin over $172 million, the highest of the year. SCH also reported the third highest margin percentage of the year at 9.1 percent, behind Enumclaw Regional’s 9.6 percent and Navos’ 23 percent margin.[1]
Most of the 18 hospitals reporting a loss are from rural or sparsely populated areas. Kadlec Medical Center of Richland had the worst year of any hospital reporting over $22 million in losses. Notable urban hospitals reporting a loss last year include two Spokane hospitals, Providence Holy Family and Shriners, as well as Northwest Hospital in Seattle.
The top 10 highest margins for 2014 include:
Seattle Children’s Hospital: $172,192,140 (9.1%)
Harrison Medical Center, Bremerton: $125,525,037 (8.7%)
Swedish Medical Center – Seattle: $82,416,645 (2.5%)
Tacoma General Allenmore Hospital: $79,482,058 (3%)
St. Joseph Medical Center, Tacoma: $56,487,802 (2.4%)
St. Francis Hospital, Federal Way: $50,380,566 (5.4%)
Mary Bridge Children’s Hospital & Health Center, Tacoma: $48,067,442 (7.8%)
PeaceHealth St. Joseph Hospital, Bellingham: $47,071,237 (4.3%)
Good Samaritan Community Healthcare: 44,243,983 (2.8%)
Providence Everett Medical Center: $42,247,687 (2.4%)
The top ten biggest losses for 2014 include:
Kadlec Medical Center, Richland: -$22,655,479 (-1.9%)
Auburn Regional Medical Center: -$18,467,083 (-2.7%)
Shriner’s Hospital Spokane: -$12,734,553 (-35.2%)
Grays Harbor Community Hospital, Aberdeen: -$10,332,911 (-2.9%)
Walla Walla General Hospital: -$6,208,785 (-4.3%)
Providence Holy Family Hospital, Spokane: -$5,464,775 (-0.9%)
Kennewick General Hospital: -$4,956,119 (-1.1%)
Coulee Community Hospital: -$2,476,368 (-10%)
Mid-Valley Hospital, Omak: -$1,375,745 (-2.3%)
Cascade Behavioral, Tukwila: -$1,087,035 (-6%)
A full list of hospitals and their financial performance can be found here. The tables include quarter by quarter and annual reports of hospital revenue, margin, and margin percentage. Official hospital financial reports can be found here.
[1]Navos maintains an inpatient mental health facility in Seattle. It is not a full-service hospital.
This article published courtesy of State of Reform
