Aspen Valley Hospital projects $100 million in 2015 patient revenue
Aspen Valley Hospital expenses
Aspen Valley Hospital is projecting nearly $74 million in expenses in 2014. Here’s a breakdown and how the expenses stack up to projections for 2014.
Expenses 2015 2014
Salaries $29,293,923 $27,537,600
Physician fees $6,409,078 $6,235,607
Patient care supplies $8,092,567 $ 8,030,381
Advertising/marketing $678,991 $615,708
Dues, licenses, fees $1,659,114 $1,680,358
Legal, consulting, audit $ 1,290,771 $1,334,306
Outsourcing $2,786,229 $2,478,603
Maintenance/utilities $3,524,426 $3,030,740
Minor equipment $ 531,394 $472,803
Rent and storage $770,837 $807,777
Employee benefits $7,024,093 $7,004,283
Depreciation and amortization $ 8,143,173 $ 5,973,060
Miscellaneous $3,780,906 $3,567,942
Total $73,985,502 $68,769,167
SOURCE: Aspen Valley Hospital
Aspen Valley Hospital is gearing up for its most lucrative year yet in terms of patient revenue, based on its budget projections for 2015.
Earlier this month, the hospital’s board of directors approved a budget that projects $100 million in patient revenue next year. That accounts for $27.7 million in inpatient revenue and $72.3 million in outpatient monies. It’s the first time in the hospital’s history that it’s projected revenue of at least $100 million, said hospital spokeswoman Ginny Dyche.
A number of factors are driving the uptick in patient revenue, said Hospital CEO Dan Bonk. Chief among them are return patients and added services and an increased volume in outpatient traffic, he said.
As a whole, the hospital industry is seeing more day surgeries and fewer overnight stays among patients, and Aspen Valley Hospital data reflect that.
In 2009, AVH’s outpatient care accounted for $50.8 million in revenue, and it’s been gradually climbing since then. 2010 saw $53.6 million in outpatient revenue; in 2011 it was $57.8 million; 2012 accounted for $59.9 million and 2013 saw $63.1 million. The hospital is projecting $68.3 million in outpatient revenue in 2014.
“A lot of things are done on an outpatient basis now, even surgery,” Bonk said.
Inpatient revenue is projected to total $25.8 million this year, and it’s been holding generally steady since 2009, when it was $22 million. It was $22.4 million in 2010, $20.5 million in 2011, $21.9 million in 2012 and 28.1 million in 2013.
The hospital expects to see nearly $74 million in expenses next year, with $29.3 million budgeted for salaries.
Also this month, the board of directors approved the hospital’s strategic plan, which was derived from the top 10 priorities of the facility’s department managers. From human resources to patient care to forging alliances with other health care providers, the strategic plan sets up the hospital’s goals for the coming year.
One area of concern for hospital officials is the use of the facility’s emergency room. Oftentimes, visitors to ER don’t necessarily need its services.
“It happens more often than not,” said Elaine Gerson, the hospital’s chief clinical officer and attorney. “We might have a patient with a sore throat, and it’s not necessarily an emergency, and they’ll come to ER. We’re required to screen them to see if they have an emergency. There are people who treat the ER as a convenience.”
While the ER won’t turn away patients, Dyche said patients should know that it’s less expensive to visit a private doctor.
“It’s not that it takes a toll on our ER,” she said. “We’re appropriately staffed and they’re very gracious. But in certain instances, it’s not good for the consumers.”
The third phase of the hospital expansion also is set to take place this spring, which will be funded through donations and the hospital’s cash reserves. The hospital’s mill levy also is up for renewal at the November elections.
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