Latest LHA Financials Show Hospital Could Survive Another 20 Years?

[Brian Essi]

2015 Sept 30 Lakewood Hospital Association unaudited FS - September 2015.pdf

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The 9/30/15 financial statements show:

1. A $4.5 million EBIDA loss for 2015 vs $3.39 million in income for 2014---that's a nearly $8 million swing----This is largely due to the premature announcement to close the hospital and CCF's proactive efforts to destroy the hospital.

2. Revenues dropped nearly $19 million but CCF still paid themselves $17.7 million to manage the destruction---so CCF is getting nearly 25% of every dollar collected.

3. Even with all of this, the financial statements show only a $2.75 million drop in investments over the first 9 months of the year.

4. LHA still has $50.4 million in investments and LHF has $33.5 in assets.

So even with CCF trying to destroy the hospital, it may take 20 years to deplete the hospital reserves?

Just imagine if we had an honest manager and a real board of Trustees that worked to restore programs and oversee the manager.