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Profits Are Up At Central Florida Hospitals

Leon County Judge John Cooper on June 30, 2022, in a screen grab from The Florida Channel.
The Florida Channel
Profits are increasing at local 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 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 WMFEin Orlando. WMFE is a partner with Health News Florida, which receives support from the Corporation for Public Broadcasting.

Health News Florida reporter Abe Aboraya works for WMFE in Orlando. He started writing for newspapers in high school. After graduating from the University of Central Florida in 2007, he spent a year traveling and working as a freelance reporter for the Seattle Times and the Seattle Weekly, and working for local news websites in the San Francisco Bay area. Most recently Abe worked as a reporter for the Orlando Business Journal. He comes from a family of health care workers.