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RAPID ASSESSMENT

About Amy Umble:
Amy Umble is health reporter for The Free Lance-Star

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MediCorp’s money-makers

MediCorp Health System’s new audit can be mined to show which of its businesses were money-makers for the company and which were not. Not surprisingly, the biggest money-maker was also its largest operation, Mary Washington Hospital.

The hospital’s 2008 operating income of $25 million represented about 98 percent of MediCorp’s total income. Other businesses under the MediCorp umbrella also made money, but their operating incomes were offset by the businesses that lost money. (Income, in the words of Sean Barden, chief financial officer for the company, is the “money that’s left over after the bills get paid. “)

The businesses that made money and their operating incomes were:

Mary Washington Hospital: $25,114,250

Medical Imaging of Fredericksburg: $7,434,026

Fredericksburg Ambulatory Surgery Center: $2,397,822

Fredericksburg Professional Risk Exchange (MediCorp’s insurance company) : $1,584,273

Mary Washington Hospital Foundation: $978,167

Tompkins Martin Medical Plaza: $561,486

Stafford Hospital Center Foundation: $327,045

MediCorp Health Services (the home health agency and Homecare, a retail store) : $299,070

            The money-losing businesses and their operating losses were:

            MediDoctors Holding Company (the company-owned physician practices): $4,295,317

Stafford Hospital Center (start-up, opened in 2009): $2,929,030

Virginia Cardiovascular Services: $1,606,299

Virginia Urgent Care (start-up for new urgent-care clinics): $224,874

Snowden at Fredericksburg: $37,341

  A story about MediCorp’s financial performance for 2008 can be found HERE. 

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