The Denver Health and Hospital Authority reported earnings of $11.9 million for 2004, up significantly from 2003 earnings of $1.1 million.
A one-time payment from the federal government and interest income from a city bond contributed $10 million to the bottom line, leaving real earnings of $1.9 million, said Peg Burnette, chief financial officer for the nonprofit hospital.
“We can’t project an $11.9 million bottom line every year,” she said. “The interest from city-issued bonds has to be spent on our construction project.”
The hospital lost money in January and February of this year, Burnette said.
“March was positive, but our expenses continue to increase,” she said. “For 2005, we’re hoping to achieve about $3 million in net income.”
The hospital remains at risk trying to care for the uninsured. Charity care reached $171.5 million and bad debt $113.5 million in 2004 for a total of $285 million in uncompensated care to uninsured patients. That number could reach $300 million this year, Burnette said.
Staff writer Kimberly S. Johnson can be reached at 303-820-1088 or kjohnson@denverpost.com.
