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Amy Umble is health reporter for The Free Lance-Star

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Few details on Stafford’s finances

Stafford Hospital's cafeteria

Stafford Hospital lost money last year, and Mary Washington Healthcare officials expect it to lose money again this year. It’s not clear how much money the new hospital lost, however, because Mary Washington officials have declined to talk about it.

In past years, Mary Washington has made available a complete financial audit, including details about each of the company’s divisions. This year, however, the company has made public only a partial audit. Last week it provided financial details about how Mary Washington Healthcare, the parent company, did in 2009, but the document did not have details about the separate divisions, such as Stafford Hospital.

Sean Barden, executive vice president and chief financial officer, explained, “We manage Mary Washington Healthcare as a single entity. A lot of the parts and the functions are comingled.”

Barden said the hospital company expects Stafford to lose money for about 18 months, based on the experience of other new hospitals. Stafford opened in February 2009.

Stafford’s opening was a major factor in Mary Washington Healthcare’s 2009 financial performance. The company earned $10.6 million in 2009, compared to $25.6 million in 2008, according to the audit.

(For more details about Mary Washington Healthcare’s 2009 financial performance, see the story soon in the paper.)

Permalink: http://news.fredericksburg.com/rapidassessment/2010/06/17/few-details-on-staffords-finances/

  • http://MAVRICKinc7@msn.com Martin (Marty) Work

    So, I guess we’re left to speculate about the financial integrity of a hospital that means so much to its citizens and now being cause to wonder which way is UP?

  • Victor

    Many grumblings at MWH about Stafford, apparently resulting in hiring freezes and reduced budgets, related to poor performance in Stafford. A number of specialist physicians have already pulled out of Stafford andmore rumored to do same.