St. Vincent Releases Data Showing Financial Gains
by August 27, 2012 9:38 am 103 views
St. Vincent Health System in Arkansas had increases in total operating revenue and earnings in its latest fiscal year, according to information released by the health care group on Monday (Aug. 27).
St. Vincent reported total operating revenue of $457 million in its latest fiscal year, a 17.8 percent increase. The health care system said its earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by nearly $6 million to $21.8 million.
“We attribute our growth to our diligent focus on value – improving the quality, patient experience, and cost of care at St. Vincent,” said Peter D. Banko, President & Chief Executive Officer (CEO) at St. Vincent Health System. “At the same time, we have developed meaningful partnerships with key physicians in the community to help us develop and expand multiple clinical areas including The Jack Stephens Heart Institute, the Arkansas Neuroscience Institute (ANI), the Orthopaedic Center at St. Vincent, and general surgery.”
The heart partnership was a big boost to St. Vincent’s bottom line. The group disclosed that the highest level of growth occurred in the care of heart patients with an overall 37% increase. St. Vincent said cardiovascular surgeries rose 44% and diagnostic procedures rose 12% from the previous year.
In June 2011, St. Vincent announced the formation of The Jack Stephens Heart Institute adding three cardiac surgeons. In January 2012, St. Vincent aligned with Heart Clinic Arkansas, the state’s largest cardiology group.
Other year-over-year highlights from the financial data released includes:
- A 16% growth in patient admissions at the Arkansas Neuroscience Institute (ANI)
- A 15% increase in general surgeries
- A 9% increase in orthopaedic surgeries
- $65 million in uncompensated care was written off by the hospital during the fiscal year
St. Vincent Health System operates four campuses in Arkansas: St. Vincent Infirmary in Little Rock, St. Vincent North in Sherwood, St. Vincent Morrilton, and St. Vincent West in west Little Rock.