Newspaper article from our research archive:
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Colorado Springs, Colo., hospitals complain about losses from auto insurance.
- Article from:
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The Gazette (Colorado Springs, Colorado) (viaKnight-Ridder/Tribune Business News)
- Article date:
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March 30, 2005
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Copyright informationCOPYRIGHT 2005 The Gazette. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Paul Beebe
Mar. 30--Colorado's at-fault auto insurance system is costing Colorado Springs hospitals more than $4 million a year, executives at Memorial Hospital and Penrose-St. Francis Health Services say.
The losses -- $2 million at Penrose and $2.5 million at Memorial -- represent only a drop in the bucket against their combined revenue of about $800 million.
But hospitals, like grocery chains, operate on slender profit margins. The margin for many hospitals is less than 3 percent.
"So (losing) $2.5 million is a chunk of change for us," said John Suits, administrator of business and government affairs at city-owned Memorial.
Under the auto ...
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