Friday, May 27, 2016

With a scant five days notice, here's your chance to "speak out" about the Floyd Memorial Hospital sale.

Wait, Larry -- is that a crosswalk on a street with uncontrolled traffic?

Whether you support or oppose the hospital sale, five days isn't much time to adjust calendars. Nonetheless, this could be a long one.  

Public meetings to discuss Floyd County finances, hospital sale, by Chris Morris (River Ridge Today)

NEW ALBANY – For the first time since it was announced, the public will get the chance to speak out about the proposed sale of Floyd Memorial Hospital and Health Services to Baptist Health.

Since the sale was announced in March, residents have not been able to voice their opinions, either for or against the transaction. That is until now.

The meeting will be at 6 p.m. Tuesday at the Pine View Government Center. Members of the Floyd County Council and Floyd County Commissioners will be in attendance, as will representatives from Floyd Memorial Hospital.

"The goal of the public meeting is to inform the public about the details of the sale and help the public understand the process and how we got to this point," said Floyd County Council President Brad Striegel.


w&la said...

What's to discuss?

The County is selling one of the few community assets it owns that generates real income because they think the quick little influx of cash will keep them going for a few short years or months... I bet they spend it VERY quickly…

...and then what?

We'll probably hear "Floyd County taxes will have to be raised, because the County has no real money generating assets - just taxes."

And by the way, when the former community owned hospital is owned by an out of town medical care provider, do you think prices for medical care at the former Floyd County Memorial Hospital might go up?

The new out of town owners aren't buying the locally owned hospital to keep the prices (and profit margin) the same.

Health care costs in Floyd County are going up!

Resident said...

The hospital doesn't generate any income for the county.

w&la said...

Then sell it off and let the price of health care rise! Who cares? Why did that stupid county build and own the Memorial Hospital anyway?

"They don't generate any income for the county?"

Okay - why did they build and renovate a non-income producing drain on the County economy?

They must have been stupid - hooray! An outside agency has come to buy a Floyd County boondoggle "that doesn't generate any income for the county."

That makes so much sense, doesn't it? The buyers must be so stupid... hee hee hee!

Floyd County comes out ahead again! Shhh - don't tell the buyers there's no money to be made!

By the way - do the taxpayers of Floyd County (who built the Hospital, paid for renovations, etc.) get a portion of the sales price?
stupid buyers are taking an asset off our hands "that doesn't generate any income for the county."

w&la said...

..."doesn't generate any income for the county."

You're not reporting the whole story - quoting the 2013 Annual Report:

"Charity Care

The Hospital provides charity care to patients who are unable to pay for services. The amount of charity care is included in net patient service revenue and is not separately classified from the provision for uncollectible accounts. "

Will that charitable service to Floyd County residents be part of the agreement with the new owners or are Floyd County residents screwed?

Resident said...

Could you explain your statement? I'm not understanding what "generates real income" means for the county.

Randy Smith said...

You are all missing the point. Note the public official who says the "public hearing" is to TELL the people, not to LISTEN to the people. Where's the NAC lexicographer when you need him? These guys wouldn't know what to do at a true public hearing except to roll their eyes and nod off.

w&la said...

I suppose it depends on your outlook on a great many things. (And Randy's right - we're being "told" to take it and like it, not have any real input)

"Generates real income"? Yes - here's what I mean:

The hospital is a non-profit asset for both the city and the county. When it is no longer owned by the local community, it will be subject to the whims of an out of town, out of county business. No longer managed by local folks who (supposedly) have the area's best interests at heart.

In terms of "real income" - the hospital is an on-going business that has generated enough "real income" to have had more than $ 77 million dollars in corporate bonds and securities, money market mutual funds, investments in US agencies in 2013.

Another example of "real income" to the county: the hospital has a payroll of $ 150 million dollars. The employees who live in Floyd County pay taxes, buy houses, buy cars, groceries, continue to generate income by virtue of their employment by the county.

When an out-of-town owner buys the hospital, perhaps a quiet decision can be made to transfer staff who live in Jefferson County, Kentucky from one of their under-performimg medical facilities, thereby reducing the pool of paid Floyd County employees. Otherwise known as Floyd County taxpayers.

Those are the things the Floyd County Board of County Commissioners carefully considers as they manage the hospital, right? As they weigh selling a long-term asset for short-term cash?

As for generating future "real income" for Floyd County -

If the city and county really had a program to attract new, large employers, being able to tout an on-going, locally owned, locally managed acute care hospital as an example of Floyd County being a worthy site would certainly help.

There's no long-term plan in this sale. It's an obvious short term fix - a little bit of cash in exchange for a stellar locally owned asset. One of the few

Why does the buyer want to purchase the hospital? I'm sure it's so they can raise rates, lower services and generate additional "real income" for their operation.

Floyd County Memorial Hospital certainly generates "real income" for Floyd County.

Hiding behind arcane non-profit accounting practices to "prove" a net zero hospital income isn't accurate.

The New Albanian said...

Yay! Shane has new words.

w&la said...
This comment has been removed by the author.
w&la said...

One of the first things you learn in Business class is that "non-profit doesn't mean NO profit."

Many non-profit business enjoy huge revenue streams. The hospital makes a lot of money. As a non-profit, it pays no taxes, keeps more income, can hire more Floyd County residents, keep the local economy running.

Hey - come to think about it, when the short-term infusion of cash from the sale of the hospital peters out,. Floyd County will HAVE TO RAISE TAXES!

Isn't that funny? The County Commissioners will have to break that news that taxes are going up to the voters sooner or later.

And they'll likely have no new revenue sources so they will look to the home owners that own houses in the county.

Kick the can down the road, Mr. Resident!

Jeff Gillenwater said...

The bottom line is that we have hospital management that's fervently, ideologically opposed to the provision of non-profit, public health care. The installation of said management reeks of board and mission failure leading to this juncture. It's a neoliberal wet dream. Local "Democrats" should be screaming but, instead, are following their federal lead, largely content to be part of the problem.