Quakertown Hospital Has Best Financial Year
St. Luke's Quakertown Hospital has Best Financial Year in Seventy-Eight Year History of Hospital
Hospital Releases Un-audited Fiscal Year-End 2008 Financials (ending June 30, 2008)
Today, St. Luke's Quakertown Hospital released its un-audited 2008 fiscal year-end financial summary. The Quakertown-based community hospital closed out the fiscal year ending June 30, 2008 with an 8.2 percent operating margin, greater than the 2007 state average of 4.82 percent. With $4.5 million in operating income, fiscal year 2008 goes down as the best financial year in the seventy-eight year history of the institution.
Fiscal year 2008 net patient revenue increased 25 percent compared to fiscal year 2007. As cited several weeks ago in the Pennsylvania Health Care Cost Containment Council (PHC4) Financial Analysis 2007 report, St. Luke's Quakertown Hospital reported the second highest growth in net patient revenue amongst suburban Philadelphia hospitals in 2007, with a 15 percent increase (averaged over three years).
Admissions increased by 3.7 percent in FY 08, while total procedures in the operating room went up by 32.8 percent and total Emergency Department visits increased by 5.6 percent; outpatient visits increased by 15.4 percent over FY 2007. The positive financial boost is also the result of prudent expense monitoring, with St. Luke's Quakertown only increasing its expenses per adjusted discharge by 1.4 percent on average over the past four years.
According to St. Luke's Quakertown Hospital president Ed Nawrocki, “I am so proud of the team at St. Luke's Quakertown Hospital. Their focus is always on patient comfort, communication and compassion and that's why we continue to be successful financially. We will reinvest this operating income right back into the Quakertown and surrounding communities in the form of new outpatient facilities, updated hospital rooms and beds, and other upgrades throughout the facility.”
The St. Luke's Hospital & Health Network has invested over $40 million into St. Luke's Quakertown Hospital over the past 13 years to ensure the Quakertown community has convenient access to quality medicine. Continued investments will be critical to accommodate an ever-increasing number of patients as the Upper Bucks community continues to grow and prosper.
St. Luke's Quakertown attracted over 30 physician specialists in the last year alone to continue bringing sub-specialty medicine closer to home. New practices now located in Quakertown include Bucks-Mont Rheumatology; Allen Neurosurgical Associates; Bethlehem Perinatology Associates; The Spine & Pain Center; and St. Luke's Cardiology Associates, among others.
Earlier this year, Nawrocki announced plans to renovate 28 patient rooms and purchase 40 new beds on the medical/surgical and ICU care units. Additionally, the hospital recently upgraded its ambulatory procedure unit (same-day surgery), neurocardiovascular laboratory and the hospital cafeteria.
St. Luke's recently broke ground for the new St. Luke's Upper Perkiomen Outpatient Center, a 22,000 square foot medical facility in Pennsburg at the intersections of Geryville Pike and Rte. 663. The new outpatient facility will cost approximately $9 million. When complete, St. Luke's will bring additional clinical services to the Upper Perkiomen Valley in the form of laboratory testing, physical therapy, radiology, primary and specialized care.
St. Luke's Quakertown Hospital also had the highest percentage of uncompensated care of any hospital in the suburban Philadelphia region at 3.38 percent, according to the same PHC4 Report.
Nawrocki again stresses service and mission as means to success, “While we're proud of our financial achievements over the past several years, we also take great pride in living up to our mission, which is to serve everyone regardless of their ability to pay,” Nawrocki closes.
If you or someone you know has trouble paying your hospital bill(s), you may qualify for the St. Luke's Quakertown Hospital Assistance Program. Call 215-538-4579 for more information.
Hundreds of dedicated employees and volunteers, and more than 250 physicians representing over 40 specialties provide care to more than 85,000 people annually at St. Luke's Quakertown Hospital. Most outpatient appointments are accommodated within 24-48 hours of making an appointment with results returned, in most cases, within the same timeframe. To make an appointment, call 215-538-4575.