Tampa General Hospital parent posts triple-digit profit gains
Florida Health Sciences Center Inc., the parent company of Tampa General Hospital, posted healthy financial results for the third quarter of its fiscal year.
The organization had a 12 percent jump in operating revenue and a 330 percent increase in operating gains for the three months ended June 30, compared to the same period a year ago.
Total gains, including unrealized gains on investments, were up 901 percent for the quarter, according to financial reports filed for bondholders.
The strong financial reports come on the heels of Tampa General being named the top hospital in the Tampa-St. Pete area by U.S. News & World Report in the publication’s just-released 2019-2020 Best Hospitals ranking. The ranking is designed to help patients and their doctors make informed decisions about where to seek care.
Tampa General also was ranked as one of the nation’s top 50 hospitals in five medical specialties, and was listed among the top five hospitals in Florida.
Tampa General is the largest hospital in the area with 1,007 licensed beds. It’s also one of the largest employers in the area, with more than 8,000 full-time workers. The hospital recently entered Pinellas County in a partnership with Fast Track Urgent Care. It also is forming a joint venture organization with University of South Florida Health that will bring USF physicians and the Tampa General Medical Group into a single entity. John Couris, TGH president and CEO, and USF Health Senior Vice President Charles Lockwood envision a medical district that spans a broad swatch of downtown Tampa.
The hospital is one of several entities that are part of Florida Health Sciences Center, a not-for-profit organization that also includes Tampa General Medical Group, Brandon Healthplex, a real estate division and a coffee operation, among other things.
Nonprofit hospitals nationwide have come under scrutiny for what critics consider excessive surpluses — the equivalent of profit in the corporate world. Hospital executives say the surpluses are reinvested in facility improvements, equipment and training, as well as community needs such as charity care, and unlike in for-profit facilities, surplus funds cannot be returned to investors.
Here are comparative financial results for the three months ended June 30, the third quarter of Florida Health Sciences Center’s fiscal year:
Operating revenue: $368.3 million in Q3 2019, versus $328.7 million in Q3 2018
Operating gain: $2.4 million in Q3 2019, versus $566,000 in Q3 2018
Total gain: $26.9 million in Q3 2019, versus $2.7 million in Q3 2018
Excess margin: 1.9 percent in Q3 2019, versus 0.8 percent in Q3 2018
Year to date, revenue is up 9 percent and operating gain is up 149 percent, with the total gain up 30 percent, the financial report said.
