[Platteville, WI] —- Despite rising healthcare costs across the State and around the nation, Southwest Health is benefitting the area’s economy and area residents by holding prices in check with a zero percent increase again this year for the second straight year.
Hospitals and health networks traditionally review prices annually, increasing them each year to cover rising costs. According to the Wisconsin Hospital Association data, the average hospital price increases across the State, for each of the last two years respectively, are 4.07 and 4.35 percent.
At southwest Wisconsin’s fastest growing health care network—Southwest Health in Platteville—the story is decidedly different. Having just completed one of its strongest fiscal years in history and having achieved a remarkable 41.5% growth in net revenue over the past two years through expansion and acquisition activity, the Southwest Health volunteer Board of Directors has chosen instead to reward its patients for their loyalty by holding the line once again on costs.
“We are diligently working to keep health care costs down during this incredible period of growth in our organization,” says Chief Financial Officer Matthew Streeter. “We see our growth as an opportunity to give back to our communities by keeping our patients’ out-of-pocket expenses from rising.”
Mr. Streeter states, “Our goal is to boost our region’s economy by keeping healthcare here in southwest Wisconsin. That also eliminates many trips area residents would be forced to make to larger cities for care. Keeping prices down helps achieve that. We are proud to continue making a positive economic impact on our region, without raising prices. However, for other healthcare providers struggling to sustain growth, their only option may be to increase prices year after year.”
Wisconsin law requires hospitals to publish changes in gross revenue related to price increases when the increases outpace inflation. This information is public record and available on the Wisconsin Hospital Association website. For more information about hospital price increases, visit http://www.whainfocenter.com/consumers/hospital-rate-increases.
Southwest Health is a high performing regional health care network, providing high quality personal patient care. They are southwest Wisconsin’s second largest employer and a major contributor to the regional economy. On their hospital campus in Platteville, the organization provides a full range of quality acute care services, including medical and surgical care, emergency and urgent care, orthopedics, women’s health, specialists clinics, a new eye center, the area’s largest family medical clinic, and soon, a retail pharmacy. Also in Platteville, they operate an inpatient and outpatient behavioral health facility, providing a wide range of counseling and other mental health services. In Cuba City, their Epione Pavilion offers long-term skilled nursing care, outpatient rehabilitation, memory care, and family medical care clinic all under one roof.