For the end of 2009, VHS's Investments and other Securities were as follows:
150,645,982 - Alternative Investments
4,647,177 - Cash Equivalents
286,479,087 - Mutual Funds
15,103,325 - Private Realty/Resource
2,662,445 - Municipal Bonds
24,542,903 - Common Stock
"As an economist, I'd have to say the market works and Valley Health has no particular interest in paying more than it has to, and they pay people what they need to pay in order to attract and retain them," Koch said.As it's been stated, have you ever rode through VHS's parking lot and see how many out-of-state tags on the vehicles? The blue collar worker salaries are more attractive to those who live in the neighboring state vs. the immediate local area.
The system’s employees are paid $287.5 million for their work and earn an additional $68.6 million in fringe benefits, Koch said. Average compensation of Valley Health employees exceeds the regional average by 20 percent.
"Valley isn't paying its personnel as much as, for example, what they would earn in Frederick County, but it's paying them essentially what the market requires in order to attract really capable people." Koch said.Consider this, does not our local school system need additional funding? The perception is that VHS and Shenandoah University will be partnering together to start a medical school which is great but what about our public school system?
To close, why should the citizens of Winchester continue to borne the lost of tax base from VHS’s campus while they make millions and millions locally while reinvesting into other regional counties and even out of state? Is this fair to the citizens of Winchester?
For the record for 2010, the Winchester Medical Center had a profit or in excess of revenue of $53.1 million and the Surgi-Center had a profit of $3.6 million.
Reference most recent information available to The Pub:
Salaries for VHS from 2006-2008
VHS's 2009 Whole Group IRS990 Return
VHS Corporate's Mgmt 2009 IRS990