Thursday, April 27, 2017

Stormont-Vail Healthcare Earns Profit of $38.8 million

Stormont-Vail Healthcare has made profits in each of the last four years, while St. Francis Health Center has been struggling.

In 2015, Stormont-Vail Healthcare showed a net gain of $38.8 million on $591.5 million in revenue and $552.6 million in expenses, according to its 2015 Form 990 tax return. Stomont-Vail’s fiscal year runs from Oct. 1, 2014, to Sept. 30, 2015.

Stormont-Vail's gain or profit in the 2014 fiscal year was $34.7 million on $550.3 million revenue and $515.6 million expenses.

Stormont-Vail is a 586-bed acute care referral center in northeast Kansas, with about 4,400 employees, according to its Web site.

Stormont-Vail's total assets increased in 2015 to $664.2 million from $640 million the previous year. A negative trend is the increase in liabilities to $366.7 million from $332.8 million in the previous year.

Stormont-Vail’s 2012 tax return showed a profit of $20.7 million on $517.1 million in revenue and $496.3 expenses. And the 2011 tax return showed a profit of $50.4 million on $576.4 million revenue and $526 million in expenses.

Tax returns in the past few years have shown some losses at St. Francis Health Center. St. Francis suffered a $12.4 million loss in 2015, a $6.1 million loss in 2014 and a $1.46 million loss in 2013.

SCL Health says St. Francis has lost $117 million over the last five years. Brian Newsome of SCL Health says, St. Francis Health Center had a negative cash balance of $51.6 million as of March 31, 2017.

SCL Health is trying to sell St. Francis or close it by this summer. Stormont-Vail has said it is considering acquiring St. Francis. Prime Healthcare is also interested in the hospital, according to Gov. Sam Brownback.

Earlier this year, Brownback vetoed Medicaid expansion in Kansas.

On April 18, SCL Health issued a press release, saying it is looking for a new owner for St. Francis. Multiple options were considered over the last two years to avoid closing the hospital and are still being explored now. The system is eager to discuss any alternatives that can be accomplished swiftly and is willing to donate St. Francis to another organization that can take over operations. With or without another operator, however, SCL Health will cease operating the hospital this summer. 

No comments:

Post a Comment