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Fact: St. Charles has Resources
- 2008 was a tough year for the St. Charles system, but…
- 2009 saw $26.8 million in profit for St. Charles Bend
- 2010 has shown $13.5 million in profit in the first three quarters
- With a union, we’ll have access to the right information, and a seat at the table so we won’t be forced to continue to sacrifice when we shouldn’t have to.
Let’s share in the Success
When our economy began to suffer two years ago, we sacrificed to keep the hospital, and our jobs, going. In 2008, times were tough. The St. Charles Medical System as a whole did badly, with a -0.1% operating margin. But even though the St. Charles system as a whole did badly, St. Charles Bend did quite well in 2008, making a profit of $11.9 million, that’s a 3.5% margin!(1). That’s thanks in part to our sacrifices!
Then, in 2009, things kept getting better. St. Charles Bend made $26.8 million in operating profit, a 7.1% margin!(2) The average operating margin for Oregon hospitals in 2009 was only 3%. So NOW we know that St. Charles Bend was actually making above average operating profit compared to the other hospitals in Oregon. And the first three quarters of 2010, it has already recorded $13.5 million in operating profit, a margin of 3.7%(3)
But those that were laid off or outsourced didn’t see any help from those great profit margins. And all of us with wage freezes and hour reductions continue to hurt while the hospital’s outlook improves. And now, we’re even looking at an increase in healthcare premiums in January!
Next year when we have a seat at the negotiating table, through our union, we will have our own understanding of the hospital’s financial situation. When we have a voice, access to the right information, and a seat at the table, we won’t be forced to continue to sacrifice when we shouldn’t have to.
1) As reported by SCMC in 2008 Annual Audited Financial Statements
2) As reported by SCMC in 2009 Annual Audited Financial Statements
3) As reported by SCMC 2010 (unaudited) quarterly financial reports to bondholders.