South Boston News & Record
and Mecklenburg Sun
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HRH has $3.8 million in net income, but figure dropped last year
SoVaNow.com / December 05, 2013
The latest publicly available financial data on Halifax Regional Hospital shows a system that operates in the black — although less so than in prior years.
The hospital’s net operating income totaled $3,788,887 in fiscal year 2012 on net patient revenue of $85.5 million. With income from investments and other non-operating sources included, the hospital’s net profit exceeded $5.8 million for the period.
That amount represents a drop-off from the previous two years. In fiscal year 2011, the hospital posted net income of more than $10.5 million, including $7,518,941 in operating profits. In 2010, net income was $7.4 million, including a $5,715,992 operating gain.
Operating revenue at Halifax Regional Hospital rose from roughly $79.4 million in 2010 to $86.3 million in 2012, but expenses rose a faster pace — going from $73,706,806 in 2010 to $82,500,671 in 2012.
The hospital’s 2012 fiscal year concluded in August of last year.
Since that time, Halifax Regional Health System, the hospital’s parent entity, approved a merger with Norfolk-based Sentara Healthcare in a deal valued at $115 million. Under the merger, Sentara took ownership of the hospital and other assets of the healthcare system, including nursing homes in South Boston and Clarksville, clinics and physician practices in Halifax, Mecklenburg and Charlotte.
Separate data for The Woodview shows the nursing home posted an operating loss of $431,247 in FY 2012; Meadowview Terrace in Clarksville, also part of HRHS, had an operating profit of $553,030 in the same period.
As the single largest entity of HRHS, Halifax Regional Hospital had a net worth of $63.7 million at the end of the 2012 fiscal year. The figure represents the value of all hospital assets minus current and long-term liabilities.
The information comes from Virginia Health Information (vhi.org), which posted its latest update online late last month. VHI reviews data on Virginia hospitals, nursing homes and other health care institutions to provide assessments of caregiver efficiency, quality and financial strength.
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