Joel Cowen is my hero, part 1

May 18th, 2009 at 12:31pm Alex Gary

Joel Cowen of the University of Illinois College of Medicine is a bigger numbers nut than I am. He sends out a quarterly newsletter to those who pay for it with loads of interesting stuff.

I’ll touch on some of the nuggets this week.

Nugget No. 1 — in 2007, the area’s three major hospitals — all not-for-profits — had net incomes of nearly $96 million.

Rockford Memorial Hospital had a net income of $52.5 million, according to the Medicare Cost Report from American Hospital Directory. SwedishAmerican Hospital cleared $32.5 million and OSF Saint Anthony Medical Center’s net income was $10.9 million.

In fact, from 2003 through 2007, Rockford Memorial had a combined net income of $190.7 million. Although SwedishAmerican has passed Rockford Memorial in several patient use categories, RMH has been the most profitable this decade.

In fact, in 2007 only two regional hospitals lost money — Midwest Medical Center in Galena and Morrison Community Hospital.

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