Together, hospitals in the Denver area had pre-tax net income of $742.4 million, or 12.9 percent of net patient revenues in 2009, making 2009 one of the more profitable years for Denver area facilities.
For 2009, HealthOne/HCA was the largest and most profitable system in the region, with net income before taxes of $367.3 million in 2009, or 20.9 percent of net patient revenue. Centrura had net income of $70.7 million (7.0 percent), while the three Exempla hospitals had net income of $65 million, or 7.1 percent of net patient revenues.
However, while profitability was strong, inpatient hospital days in the region declined slightly in 2009. Unemployment has nearly doubled and the weakened economy means that fewer people still have comprehensive health benefits, which will likely also reduce patient volumes, according to the report.
The report also looked at HMO enrollments, finding that after eight years of steady decline, enrollment in Colorado HMOs increased slightly in 2009. Despite these increases, HMO profits declined by almost $100 million compared to 2008 because
of much smaller profits on employer group plans.
The report, Colorado Health Market Review 2010, is based on hospital cost reports submitted to Medicare. This year marks the report’s 16th edition.
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