Fauquier Hospital makes a profit of $ 13.8 million in 2020
Community leaders held “Operation: Light Up the Night,” a parade to honor frontline staff at Fauquier Hospital as the pandemic began in April 2020.
Fauquier Hospital has made an average annual profit of $ 17.9 million over the past eight years.
> Graphic at the bottom of the story
Last year marked the second time the hospital’s annual profit has fallen below $ 19 million since 2014, the first year of operation under Tennessee-based LifePoint Health.
Warrenton’s 97-bed hospital had averaged a profit of $ 21 million in the five years leading up to 2019, Virginia Health Information reported.
VHI’s latest report covers the second year of operation of the 97-bed hospital under the ownership of Apollo Global Management, which bought LifePoint, a publicly-traded company, for $ 5.6 billion in November 2018.
HÃ´pital Fauquier’s operations and financial performance reflect industry trends, as well as increased competition in the region.
At 12,004 last year, âpatient daysâ continued to decline – down from 24,711 in 2014 – as the shift to outpatient services continued.
Admissions totaled 2,937, down 23% from 2019.
The number of full-time employees at the local hospital also increased from 771 in 2013, its final year as a nonprofit, to 428 in 2020, according to VHI.
The number of full-time employees stood at 521 in 2019.
Fauquier Hospital remains much stronger financially than many of its peers across the Commonwealth.
The 2020 VHI report shows that 22 of 107 hospitals in Virginia lost money in 2020.
Fauquier’s 12% profit margin ranked 37th among hospitals in Virginia in 2020.
Bon Secours Richmond Community Hospital in Richmond posted the state’s highest profit margin at 43.6%, representing net income of $ 110.2 million.
Fauquier Hospital declared $ 2 million in charitable care and $ 5.6 million in bad debt last year.
Warrenton Hospital at the end of this year had total assets of $ 212 million and liabilities of $ 22.3 million, according to VHI. This put the hospital’s net worth at $ 187.8 million.
The report does not include activities related to Fauquier Health, including medical offices, clinics, its retirement home and assisted living facility.
VHI’s Annual Industry Report details the efficiency and productivity of hospitals, day surgery centers, and licensed nursing homes in Virginia. The data includes charitable care, endowment levels, profit margins, and over a dozen other usage and efficiency metrics across five performance categories: fees, costs, productivity and utilization, financial sustainability and support. community.
Published annually, the report provides consumers and buyers with information on the efficiency, costs and performance of facilities.
Hospital benefits of the region
Classified according to their 2020 operating margin percentages, all of these selected hospitals, with the exception of Fauquier and Reston, are non-profit:
26.1 percent – Reston Hospital Center, $ 92.9 million
19.9 percent – Inova Fair Oaks, $ 68.6 million
12.5 percent – Winchester Medical Center, $ 18.4 million
12 percent – Fauquier Hospital, $ 13.8 million
9.9 percent – Inova Loudoun, $ 57.9 million
6.4 percent – Inova Fairfax, $ 122.1 million
6.4 percent – Novant / U.Va. Culpeper, $ 7.4 million
6.2 percent – Marie Washington (Fredericksburg), $ 36.6 million
5.4 percent – Novant / U.Va. Prince william (Manassas), $ 9.1 million
5.2 percent – Novant / U.Va. Haymarket Medical Center, $ 4.5 million
1.3 percent – U.Va. Medical Center (Charlottesville), $ 58.9 million
-6 percent – Warren Memorial (Front Royal), loss of $ 4.1 million
VHI also provided this information on the financial performance of Warrenton Nursing Homes in 2020:
â¢ Brookside Rehabilitation and Nursing de Warrenton posted a profit of $ 5.3 million on revenue of $ 13.7 million. The 130-bed retirement home has the equivalent of 107 full-time employees.
â¢ Fauquier Rehabilitation and Nursing Center made a profit of $ 1 million on patient income of $ 7.5 million. The 113-bed retirement home employs the equivalent of 91 full-time employees.