Good Samaritan Approves BudgetPosted: Updated:
Good Samaritan Hospital in Vincennes says its 2015 budget includes more than $13 million in anticipated free medical care during the year. The spending plan approved this week also includes a two percent wage increase for all employees and "select market adjustments" impacting more than 700 workers.
December 24, 2014
Vincennes, Ind. -- Good Samaritan's 2015 budget was approved last night at the Board of Governor's meeting. Continuing to focus on the care of the patients and the communities the hospital serves, the budget reflects Good Samaritan's commitment to offering higher quality, more cost-effective and state-of-the-art patient care. As a testament to the hospital's mission to provide care to everyone, regardless of ability to pay, the budget anticipates over $13 million in free medical care during the year.
"We continue to see reductions in reimbursement through cuts in Medicare and Medicaid rates," stated Randy Thompson, Interim Chief Financial Officer. "Even though we hope that Medicaid Expansion will be approved, allowing 350,000 new Hoosiers (9,000 Good Samaritan patients) to receive health coverage they do not have, the reality is that there is still a great number of people who are going without health care."
"Every year the budget process for Good Samaritan and health care in general becomes more and more difficult. With continuous cuts in Medicare/Medicaid reimbursement and inflationary pressures on the expense side, maintaining a positive operating margin while recognizing the financial impact to our patients is a challenge," stated Rob McLin, President and CEO. "However, because of the dedicated and passionate people taking care of our patients and our facility on a daily basis, we remain optimistic and encouraged about our future."
"The hospital's budget for 2015 is based on positive growth we saw in 2014 and which we anticipate continuing through the coming year," added Thompson. "We have welcomed multiple new physicians this year and look forward to even more additions at the beginning of 2015. These additions keep us optimistic in our vision of growth and positive change moving forward." Because of these additions and growth trends started in 2014, Good Samaritan projects a 3.84% increase in volumes for 2015.
The budget will reflect the growth of the Rehab Care Unit by 0.42%, Outpatient Visits by 4.93% and Same Day Surgery volumes by 1.22%. Some of this growth centers on the anticipated opening of the new Gibault Memorial Tower slated for its first patients in August, 2015. "We could not be more excited to open our new world class facility for our patients this fall," added McLin.
Good Samaritan continues to remain price and cost competitive. The hospital announced an average rate increase for services at 4.36%. Compared to the Voluntary Hospitals of America (VHA) the typical rate increases being seen across the midwest range from 5-9%. Additionally, Randy Thompson noted that through August 2014, Good Samaritan was 15.21% lower in cost than hospitals of similar size and 21.54% lower than statewide hospitals. “We recognize the significant costs associated with today's healthcare. We care about our patients and the communities we serve, and we are sincerely trying to keep our health care costs lower and more affordable to those who put their trust in us,” said Thompson.
Dean Wagoner, Vice President of Human Resources presented a 2% wage increase for all employees along with select market adjustments impacting 712 employees. The result in total is a 2015 wage and salary cost of $2,443,903 for all Corporations. "We are pleased to announce that the hospital will pay all employees at least $10 per hour," stated Wagoner. "The federal minimum wage remains at $7.25, but we feel the wage increase reflects the importance of every employee in the delivery of outstanding care and support to our patients. This increase is only possible due to the 1,900 world class Good Samaritan employees continuing to improve daily in productivity and cost containment."
"These are exciting and challenging times for Good Samaritan," stated McLin. "I remain confident that our staff will continue to keep this hospital moving toward its vision of being recognized as the regional center of excellence in health care. Because of our world class employees and medical staff, we remain the first, best choice for health care in our region."
ABOUT GOOD SAMARITAN
Good Samaritan, Knox County's largest employer, is licensed for 239 in-house patients. Annually, Good Samaritan has more than 440,000 outpatient visits and an additional 35,000 plus visits to its emergency room. The hospital offers a wide scope of medical services. From thoracic surgery to the birth of a baby, this growing health care provider balances quality patient care with preventive education to fulfill its mission. Consistently ranked in the top 10 percent in the nation in patient satisfaction, Good Samaritan provides a superb level of care while maintaining fiscal integrity and expanding facilities to meet the needs of the community. For more information, visit www.gshvin.org.
Mission: Provide excellent health care and promote healing through trusting relationships.
Vision: To be recognized as the regional center of excellence for health care.
Source: Good Samaritan