St. Rose parent posts healthy gain in income

Michelle Swafford

Friday, Sept. 30, 2005 | 10:50 a.m.

Catholic Healthcare West -- owner of St. Rose Dominican Hospitals -- reported its net income increased 40 percent during fiscal year 2005 from the previous year.

The San Francisco-based hospital operator reported its net income rose to $348.2 million at the end of fiscal year 2005 from $248.8 million in the previous fiscal year.

The company's total assets as of June 30 were $7.22 billion, up from $6.51 billion a year earlier.

"A healthy Catholic Healthcare West is good for Las Vegas and good for Southern Nevada," said Mike Tymczyn, vice president of corporate communications of St. Rose Dominican Hospitals. "The health of the group is good for continued services and future expansion of Rose de Lima as well as the Siena Campus."

Unrestricted revenue from patients, premiums and contributions increased 11 percent to $6 billion at the end of fiscal year 2005 from $5.39 billion in the previous year.

Catholic Healthcare West operates as a nonprofit organization but reports its financial performance because it has publicly held debt.

Standard & Poor's, Moody's Investment Services and Fitch Ratings upgraded the company's bond rating during the fiscal year that ended June 30 to A-, which is an investment grade.

Catholic Healthcare West provided $623 million in free care and community events and donations during fiscal year 2005.

Like most hospitals in the country, Catholic Healthcare West increased its provision for bad debt from unpaid patient bills to $481.4 million in fiscal year 2005 from $396.8 million in the previous year.

Catholic Healthcare West does not report local financial information, but a report released in August by the state Division of Health Care Financing and Policy said that in 2004 -- which would have included half of Catholic Healthcare's fiscal year -- St. Rose Dominican Hospitals -- Siena Campus had a profit of $21.2 million, up from $17.9 million in 2003. St. Rose Dominican Hospitals -- Rose de Lima Campus reported a $3.4 million loss, compared with a $3 million loss in the previous year.

Catholic Healthcare West is building St. Rose Dominican Hospitals -- San Martin Campus, at 8280 W. Warm Springs Road in the southwest part of the Las Vegas Valley, and it is scheduled to open in July with 110 beds and space to add 90 beds when demand increases.

During fiscal year 2005, the Siena Campus added a biplane flat-panel imaging machine that enables doctors to diagnose and treat head abnormalities, a 64-slice computed-tomography scanner and a level-three trauma center.

The Rose de Lima Campus added a four-slice computed-tomography scanner and bariatric surgery services.