St. Johnís earns $100M from patient revenues
By Benjamin Graham, Jackson Hole, Wyo.
July 26, 2012
Preliminary numbers for the past fiscal year show St. John’s Medical Center grossed more than $100 million in patient revenue, a record number it wasn’t expecting.
“We’ve had an unexpected increase in our outpatient revenue,” St. John’s Chief Financial Officer John Kren this week. Gross revenue includes inpatient and outpatient revenue, as well as physician services.
The hospital grossed $94.6 million in 2011 and $91.7 million in 2010. Outpatient revenue increased significantly each year since 2009, while inpatient revenues decreased, Kren said.
Kren called the growth “strategic and consistent.”
While the hospital has not released a detailed report, it estimates it will finish $5 million ahead of budget for outpatient revenue and $1 million behind budget on the inpatient side. The review also predicts St. John’s will show an operating profit, but didn’t elaborate.
A report last month indicated the hospital was $2.6 million ahead of budget for total patient revenue.
The hospital was able to produce strong numbers despite a drop in patient days. Kren again attributed the trend to outpatient volume and speedier procedures.
The review estimates St. John’s finished the year 2.5 percent below budget for patient days.
Kren said there are “no solid revenue or expense figures” as of yet.
“We have to work through our finances at a higher level of detail,” he said.
He expects final numbers to be available in the second half of August.
While inpatient revenue came in below budget for the year, St. John’s did see a spike in overnight stays during the most recent quarter.
Kren attributed some of the trend to the hospital’s new Center of Excellence in Orthopedics. The center started in 2011; it provides orthopedic joint replacements and other joint surgeries.
The hospital did not incorporate the recent increases when writing the budget for 2013.
The budget for the coming fiscal year projects $43.8 million of inpatient revenue. While final inpatient numbers for 2012 have not been released, a financial report last month estimated St. John’s would finish with $44.9 of inpatient revenue.