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Trinity Health revenue increases, but operating margin shrinks
Trinity Health saw revenue increase in fiscal year 2016, but higher expenses caused the Livonia, Mich.-based system’s operating margin to decline.
Trinity reported revenue of $16.3 billion in FY 2016, a 14 percent year-over-year increase from revenue of $14.3 billion in FY 2015, according to recently released audited financial documents.
Higher expenses offset the system’s revenue growth. Trinity reported operating expenses of $16.2 billion in FY 2016, up 16.7 percent from FY 2015. The system’s acquisitions of Syracuse, N.Y.-based based Saint Joseph’s Hospital Health Center and Hartford, Conn.-based Saint Francis Care accounted for $1.4 billion, or 10.3 percent, of the year-over-year growth in expenses. Trinity also reported higher costs related to salaries and wages, supplies and purchased services.
The system ended FY 2016 with operating income of $46.4 million, down from $457.7 million in the year prior. Excluding asset impairment charges and a premium revenue adjustment, Trinity recorded operating income of $151.3 million in FY 2016, down from operating income of $470 million in FY 2015. Trinity recorded an operating margin of .9 percent in the most recent fiscal year, compared to an operating margin of 3.3 percent in FY 2015.
22 recent hospital outlook and credit rating actions
The key factors affecting 2017 hospital budgets from 2 CFOs
California hospital owner files for bankruptcy
http://www.beckershospitalreview.com/finance/california-hospital-owner-files-for-bankruptcy.html
West Contra Costa Healthcare District, which owns shuttered Doctors Medical Center in San Pablo, Calif., filed for Chapter 9 bankruptcy protection Oct. 20.
The healthcare district filed for bankruptcy after a hotel operator rescinded its offer to buy DMC’s campus, according to the East Bay Times.
DMC closed in April 2015 after years of financial struggles. The hospital primarily served low-income and uninsured populations in West Contra Costa County.
In January, the West Contra Costa Healthcare District board accepted Royal Guest Hotels’ offer to buy the majority of DMC’s campus. However, Eric Zell, hospital district board chairman, told the East Bay Times the hotel operator recently pulled its offer.
“With no chance to bring in revenue in the short term to cover existing district expenses, such as worker compensation claims and medical record storage, the district board voted unanimously to file for bankruptcy to allow for the orderly disposition of remaining financial obligations, including those owed to past district employees and vendors,” Mr. Zell said.
According to the bankruptcy petition, the healthcare district has at least $50 million in liabilities.
Royal Guest Hotels did not respond to the East Bay Times’ request for comment.
Fiery Leaders Change the World
PETER DRUCKER: THE TRULY DANGEROUS THING
https://leadershipfreak.wordpress.com/2016/10/23/peter-drucker-the-truly-dangerous-thing/
Wrong questions when promoting from within:
When you need a supervisor for a team of engineers, the question isn’t, “Is this potential supervisor a good engineer?”
Beware the right answer to the wrong question.
“Yes, this person is doing a great job in their role as an engineer. Let’s promote them to supervisor.”
Cartoon – Most of my best work went unnoticed
Cartoon – Definition of Insanity
