Lowcountry hospitals post millions in profit during recession, state agency reports
Charleston-area hospitals made millions during the recession, according to data published Thursday by the state department of Health and Human Services.
Trident Health posted the largest profit of all hospitals in the state — a total of $223.2 million between 2008 and 2011.
Roper Hospital made the second-largest amount of money in the state, $207.9 million.
During the same period, the Medical University Hospital made $71.4 million and St. Francis Xavier Hospital made $134.6 million.
Facilities in Mt. Pleasant fared the least well in the Lowcountry. East Cooper Medical Center posted a $49 million profit during the four-year period and Roper St. Francis Healthcare’s Mt. Pleasant Hospital, which opened in 2010, lost money — $11.9 million.
“This profit is after accounting for depreciation and the cost of serving the uninsured,” a press release accompanying the data explains.
Hospitals in the Roper St. Francis Healthcare network and the Medical University Hospital are designated not-for-profit facilities.
The state agency listed the financial information for 60 acute care hospitals in South Carolina. In total, S.C. hospitals made a $2.5 billion cumulative profit over four years.
“Given how much money taxpayers spend on hospitals through Medicaid and the State Employee Health Plan, we think it is important that the legislature, business community and general public better understand hospital financing,” said Health and Human Services Director Tony Keck in a statement about the data.
Reach Lauren Sausser at 937-5598.