Profits Are Up At Central Florida Hospitals
Profits are increasing at several Central Florida-based hospital groups, according to quarterly disclosures.
Combined, Adventist Health System, Orlando Health, South Lake Hospital and Health First have made $647-million dollars in profit so far this year.
That’s an increase of 28 percent compared to the same period last year. Profit margins have also increased. Orlando Health Vice President of Finance Paul Goldstein said this has been a record year for the hospital.
“The fact that our profits are strong this year is not an indication of perpetual condition,” Goldstein said. “A couple years ago, it looked very different.”
What’s changed? The hospital said it cut expenses, and is seeing more patients, many of whom are much sicker. They’re also seeing more patients with insurance plans from the federal HealthCare.gov marketplace, he said.
Those increased profits also come with increased scrutiny from Gov. Rick Scott and his appointed hospital finance commission. Scott has ordered an audit of more than 100 hospitals in Florida.
“I think it’s something we’re certainly aware of and watch closely,” Goldstein said.
Abe Aboraya is a reporter with WMFE in Orlando. WMFE is a partner with Health News Florida, which receives support from the Corporation for Public Broadcasting.