24 May 2012

American Samoa's LBJ hospital suffers US$1m asset loss

1:39 pm on 24 May 2012

The LBJ hospital in American Samoa has finished fiscal year 2011 with a loss of one million US dollars.

According to the financial audited statement for the period ending on September 30th 2011, LBJ's financial performance did not meet the administration's expectations.

It went on to say the poor financial performance was a direct result of the government not providing 2.9 millon US dollars in subsidies, which also drove a reduction of 2.9 million of Medicaid funding due to shortage of available required match funding.

The hospital's net assets or the difference between assets and liabilities at the beginning of the fiscal year was 10.1 million but this dropped to 9.1 million.

Operating revenues, mainly from patient fees, were 25.4 million US dollars, up from 22.1 million the year before.