C-TH one of state’s most profitable hospitals
Despite its size, Carson-Tahoe Hospital is one of Nevada’s most profitable hospitals, raking in nearly $11.2 million from hospital operations in 2002.
That is more than all but three hospitals in Nevada made during 2002 and nearly a quarter of the total in hospital profits reported by all Nevada hospitals.
It is also more than three times the net profit from hospital operations Carson-Tahoe Hospital reported to the state Division of Health Care Financing and Policy for the previous year. The hospital made $3.18 million in 2001 — its last year as a city-owned facility.
Hospital administrators could not be reached to comment on the numbers Monday.
The only hospitals reporting a higher net operating revenue were Sunrise Hospital in Las Vegas, Washoe Medical Center in Reno and the Siena Campus of St. Rose Dominican in Henderson — each of which reported more than $13 million from their hospital operations.
According to the annual report issued by the state, Carson-Tahoe Hospital also was among the leaders in per-day profit margins per patient. While none of the state’s biggest six facilities reported more than $105 per patient day in profit, Carson-Tahoe Hospital reported it made $239 per patient per day.
The hospital reported 29,266 patient days for 2002 from 8,274 admissions. The average patient census on any given day was 80 for the year.
Altogether, Nevada’s hospitals reported profits of $48,540,599 for 2002. But that’s just from so-called hospital operations. Both C-TH and other facilities in the state also made money from other parts of their facility such as gift shops.
In C-TH’s case, “non-operating revenues” added another $3.1 million to the bottom line, bringing the hospital’s total net income for the year to $14,358,901.
Statewide, those added operations raised hospital profits by $15.8 million to $64,387,343.
Statewide, several hospitals including two of the biggest were in the red during 2002. Desert Springs Hospital in Las Vegas reported a loss of $971,464 from hospital operations. But the big negative was at University Medical Center in southern Nevada which reported $38.4 million in losses from hospital operations. UMC handles the vast majority of indigent cases in Southern Nevada.
In the north, St. Mary’s — like Washoe Medical Center — made a substantial profit during 2002. The hospital netted $9.8 million from hospital operations and a total net of $12,712,628. Washoe made $13.7 million from hospital operations and a total net of $15,568,729 in 2002.
Carson-Tahoe Hospital was owned and operated by Carson City until March 2002 when it was converted into a private non-profit corporation. Since then, hospital managers have announced plans to build a new hospital facility in Carson City. They are on the state Board of Finance agenda this month for permission to issue $4 million in tax exempt revenue bonds toward that effort.