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March 2, 2021

Fauquier Hospital earned $17.1-million profit in 2019

File Photo/Lawrence Emerson
Fauquier Hospital has maintained a double-digit profit margin for six consecutive years.
Fauquier Hospital in 2019
• Beds: 97

• Patient days: 12,922

• Admissions: 3,822

• Full-time employees: 521

• Net revenue per admission: $12,660

• Total revenue: $128.6 million

• Profit: $17.1 million

• Margin: 13.3 percent

• Net worth: $174.2 million

Source: Virginia Health Information Industry Report
By .(JavaScript must be enabled to view this email address)
Fauquier Hospital earned a $17.1-million profit — representing 13.3 percent of its revenue in 2019, according to an industry report published Friday.

But, it marked the first time that the hospital’s annual profit dipped below $19 million since 2014, the initial year of operations under Tennessee-based LifePoint Health.

The 97-bed Warrenton hospital had averaged a $21-million profit in the five years before 2019, Richmond-based Virginia Health Information reported.

> Chart at bottom of story

VHI’s latest report covers the first year of operations under the ownership of Apollo Global Management, which purchased publicly-traded LifePoint for $5.6 billion in November 2018.

Fauquier Hospital’s operations and financial performance reflect industry trends, along with greater competition in the region.

“Patient days” declined significantly to 12,922 — versus 24,711 in 2014 — with the continued shift to outpatient services.

Admissions totaled 3,822, down 20 percent from 2018.

The number of full-time employees at the local hospital also has dropped from 771 in 2013, its last year as a not-for-profit institution, to 521 in 2019, according to VHI.

Fauquier Hospital remains much stronger financially than many of its peers across the commonwealth. VHI as of Tuesday had not provided its annual spreadsheet with consolidated financial information for all of the state’s hospitals.

But, last year’s report showed that 33 of 105 Virginia hospitals lost money in 2018.

Fauquier Health CEO Chad Melton consistently has stressed the importance of a healthy profit margin to fund investments in new technology and services and to weather financial difficulties. The COVID-19 pandemic dramatically will affect hospitals’ 2020 financial performances, which VHI will report next year.

The hospital reported $3 million in charity care and $7.5 million in bad debt for 2019.

Fauquier Hospital at the end of that year had total assets of $181.4 million and liabilities of $7.1 million, according to VHI. That put the hospital’s net worth at $174.2 million.

VHI’s annual industry report details the efficiency and productivity of hospitals, ambulatory surgical centers and nursing homes licensed in Virginia. The data includes charity care, staffing levels, profit margins and more than a dozen other utilization and efficiency indicators across five performance categories: charges, costs, productivity and utilization, financial viability and community support.

Published every year, the report gives consumers and purchasers information about the facilities’ efficiency, costs and performance.

Region’s hospital profits

Ranked by their 2019 operating margin percentages, all of these selected hospitals, except Fauquier and Reston, are not-for-profit:

25.4 percent — Reston Hospital Center, $88.8 million

20.7 percent — Inova Loudoun, $76.1 million

19 percent — Inova Fair Oaks, $62.7 million

13.4 percent — Fauquier Hospital, $17.2 million

9.2 percent — Novant/U.Va. Haymarket Medical Center, $8.3 million

8.4 percent — Mary Washington (Fredericksburg), $41.2 million

6.9 percent — U.Va. Medical Center (Charlottesville), $117.1 million

6 percent — Inova Fairfax, $103.5 million

4.7 percent — Winchester Medical Center, $29.8 million

3 percent — Novant/U.Va. Culpeper, $3.4 million

- 4.6 percent — Novant/U.Va. Prince William (Manassas), $2.6 million loss

- 6.7 percent — Warren Memorial (Front Royal), $4.4 million loss

Nursing homes

VHI also provided this information on Warrenton nursing homes’ financial performance in 2019:

Brookside Rehabilitation and Nursing of Warrenton posted a $1.9-million profit on revenue of $12.4 million. The 130-bed nursing home has the equivalent of 154 full-time employees.

Fauquier Health Rehabilitation & Nursing Center earned a $95,614 profit on patient revenue of $8.4 million. The 113-bed nursing home has the equivalent of 94 full-time employees.

Contact Editor “Lou” Emerson at .(JavaScript must be enabled to view this email address) or 540-270-1845.

Fauquier Hospital Financial... by Fauquier Now

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