South Florida hospitals reported strong finances in 2016, according to the Sun-Sentinel.
The finding is part of a report released Dec. 13 by health market analyst Allan Baumgarten.
For the report, titled "Florida Health Market Review," Mr. Baumgarten cited data from the state's annual survey of hospitals to examine organizations' financial numbers.
Here are seven takeaways from the report.
1. Forty-six South Florida hospitals posted combined profits of $1 billion-plus in 2016, according to the report. This was the third consecutive year the hospitals hit the $1 million-plus mark. .
2. The hospitals' profits were driven by consolidations, partnerships and expanded insurance coverage, among other factors, the Sun-Sentinel states.
3. South Florida hospitals' combined net income totaled $1.05 billion last year, a drop from the $1.15 billion recorded in 2014, the report shows.
4. South Florida hospitals posted a combined operating income of $641 million in 2016, in addition to $608 million in other revenues, including investments, government grants and philanthropy, the report states.
5. But the Sun-Sentinel notes not all South Florida hospitals were profitable in 2016. Coral Springs (Fla.) Medical Center; Imperial Point Medical Center in Fort Lauderdale; and Broward Health North in Deerfield Beach, all part of Fort Lauderdale, Fla.-based Broward Health, incurred losses of $4.8 million, $5.1 million and $661,044, respectively. The publication did note, however, the Broward Health Medical Center in Fort Lauderdale was profitable in 2016, with $26.5 million on revenue of $434 million.
6. In contrast, Broward Health's sister organization, Hollywood, Fla.-based Memorial Healthcare, reported a net profit of $225 million in 2016. However Memorial Hospital Pembroke in Pembroke Pines reported a net loss of $6.7 million last year, according to the Sun-Sentinel.
7. Linda Quick, president of the consulting firm Quick Bernstein Connections Group and former president of the South Florida Hospital and Healthcare Association, told the publication the contrast doesn't surprise her, as Broward Health has gone through managerial disturbance and competition during recent years, and Memorial Healthcare dominates the Broward County market.
For more on this story, including other individual facilities' finances, read the full Sun-Sentinel report here.
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