Mike Browder (CEO, Essent) was interviewed for Hospitals & Health Networks recently:
Essent Healthcare’s Browder is also optimistic. Despite a drop in 2008 inpatient admissions and a 6 percent jump in bad debt, elective procedures have not yet declined, and the for-profit system’s regional diversification—So, being of an inquisitive nature, I wondered how the hospitals that were worried were doing. Since the only thing I can really pull from and have it publicly verifiable, I chose AHD.com. The president of Florida Hospitals in Orlando worried about donations, but they also posted a $137M profit during the same period that Essent lost $6M and PRMC lost $508,231.with five hospitals spread between Texas and New England—has helped keep it on firmer financial ground than competitors, Browder says. In addition, Essent recently invested heavily in infrastructure, completing three major building projects. That means it won’t need to borrow large amounts of capital anytime soon.
OK, says I, how is ETMC-Clarksville doing, in the same period. Should be far worse than Paris--Clarksville has even a worse pay mix than here. ETMC made $902,309. Funny, it had the same profit level (percentage) as Florida Hospitals.
I'd look up Bonham, but with the physician group buying them, it's too new. Under the old management, it lost almost $1M. But, then again, it was sold....
4 comments:
"That means it won’t need to borrow large amounts of capital anytime soon."
Well that is very good news for Essent Healthcare. Why?
Based on the heavy losses Essent Healthcare has reported (source = ahd.com & phc4.org), I can't imagine any lending institution willing to throw good money at bad.
Browder found a silver lining in the sea of red ink that is Essent Healthcare!
One hospital in Texas, one in Pennsylvania, one in Connecticut, two in Massachusetts.......OK, geographically, you could say they,re stretched out (But that's a stretch).
Funny, but no mention of having to borrow for payroll every month, low census at each facility, crap equipment in the brand new facilities...........but why ruin a perfectly good fluff piece with facts?
Things can't be going that bad for essent considering they are looking to buy another hospital?? Makes you wonder where all the negatives come from? http://www.natchezdemocrat.com/news/2009/feb/20/bankruptcy-process-moving-forward/
After three years and several strong rebuffs, this company needs to try to expand. Maybe they will have learned their lesson from their past failures (but then again, Hud's no longer around, and that was the biggest problem).
I wonder if someone should warn the good folks in Natchez what they're about to get into? This could be similsr to Robert Johnson's infamous "crossroads meeting" with the Devil.
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