Financial anchor year: FY24. Margin and revenue are as filed for FY24. Balance-sheet measures (current ratio, equity financing, days in A/R) use FY23, the latest filing whose balance sheet reconciled as filed. Every tile below states its own fiscal year; nothing is carried forward or estimated.
The read
A hospital in Covington, WA. It ran an operating surplus of 8.4% in FY24 on $121.3M of operating revenue. Operating margin improved from 5.7% in FY20 to 8.4% in FY24.
Operating margin · FY24
+8.4%
▲ 5.4 pts vs FY23
vs Urban PPS hospitals68th pctl of 2,562 (FY24)
Days cash on hand
Not available
all sources
vs Urban PPS hospitals—
Total operating revenue · FY24
$121.3M
▲ 21.9 $M vs FY23
vs Urban PPS hospitals26th pctl of 2,608 (FY24)
Total margin · incl. nonoperating · FY24
+8.6%
▲ 5.4 pts vs FY23
vs Urban PPS hospitals60th pctl of 2,563 (FY24)
Benchmarked within its own FY24 pool (n=2,562); the Urban PPS hospital cohort's current year is FY25.
One point of operating margin at MULTICARE COVINGTON MEDICAL CENTER is about $1.2M per year (1% of FY24 total operating revenue).
Where MULTICARE COVINGTON MEDICAL sits among Urban PPS hospitals
Operating margin · FY24 pool · n = 2,562 of 2,681 filed
Each point is one Urban PPS hospital in the national distribution for this provider type, placed by operating margin. Facilities are not matched on size, case mix, or market — that is the matched-peer comparison in the paid benchmark. The Urban PPS hospital median is +2.0%. Descriptive context only, not a ranking.
Benchmarked within its own FY24 pool (n=2,562); the Urban PPS hospital cohort's current year is FY25.
One urban pps hospitalMULTICARE COVINGTONUrban PPS hospital median
The money
$ thousands · HCRIS cost-report basis · as filed, QA-gated
Ratios tell you how this hospital is doing. Statements tell you what kind of organization it is, and where the money comes from. Every figure below traces to a public cost-report filing, shown as filed. A ratio renders only when every input is reported in the filing; a year missing its core lines is not shown; a year whose balance sheet does not reconcile is labeled. Not audited by Astrelis.
Net patient receivables ÷ (net patient revenue ÷ 365), same fiscal year
HCRIS WS G / G-3
$ in thousands
Line item
FY22
FY23
FY24
Patient revenue
97,207
93,353
114,901
Other operating revenue
162
6,036
6,417
Total operating revenue
97,369
99,389
121,318
Total operating expenses
99,311
96,432
111,116
Operating income
(1,942)
2,957
10,202
Operating margin %
-2.0%
+3.0%
+8.4%
Other non-operating, net
186
201
227
Net income
(1,756)
3,158
10,429
Net income %
-1.8%
+3.2%
+8.6%
HCRIS Worksheet G-3 / S-3 · $ thousands · FY20–FY24 · FY20–21 may include COVID-era relief funding in nonoperating income
FY20, FY21, FY22, FY23 net patient A/R is not shown: gross A/R was not reported on the filing, making the derived net figure spurious (AR quality flag).
How it operates
quality & operational context · CMS public reporting
A 48-bed hospital at 56% occupancy 81% of patient revenue is outpatient.
The metrics this hospital type is judged on: care quality, patient experience, and scale. Each is labeled by evidence class and public source; descriptive context only, never a ranking or adequacy claim.
Scale and flow
Occupancy
55.7%
Verified fact2024
HCRIS WS S-3
Average daily census
26.82
Verified fact2024
HCRIS WS S-3
Staffed beds (acute)
48
Verified fact2024
HCRIS WS S-3
Annual discharges
2,588
Verified fact2024
HCRIS WS S-3
Average length of stay
3.8d
Verified fact2024
HCRIS WS S-3
Outpatient share of patient revenue
81.0%
Verified fact2024
HCRIS WS G-2 L28
Total FTEs
290.70
Verified fact2024
HCRIS WS S-3 Pt II
Contract labor share of labor cost
19.3%
Verified fact2024
HCRIS WS S-3 Pt V
Who it serves
Total unreimbursed & uncompensated care
$17.7M
Verified fact2023
HCRIS WS S-10 line 31
How the care measures up
C. difficile infection (SIR)
1.561
No Different than National Benchmark
CMS-reported measure07/01/2024 to 06/30/2025
CMS Care Compare
Hospital-wide unplanned readmission
14.8%
No Different Than the National Rate
CMS-reported measure07/01/2023 to 06/30/2024
CMS Care Compare
Medicare spending per beneficiary
0.87
CMS-reported measure01/01/2024 to 12/31/2024
CMS Care Compare
Patient-safety composite (PSI-90)
0.956413
CMS-reported measure07/01/2022 to 06/30/2024
CMS Care Compare
Trajectory
Cost-report basis · 5 reporting years
Operating margin
Days cash on hand
The county this hospital serves
KING County, WA · metro, 1M+ population
Median household income
$122.1K
vs $82.1K US · $59.7K rural median
Poverty rate
8.4%
vs 12.5% US · 14.3% rural median
Uninsured
5.2%
vs 8.6% US · 8.4% rural median
Age 65+
13.8%
vs 16.8% US · 20.6% rural median
Fair or poor health
12.4%
self-reported, adults · CDC PLACES
Primary-care shortage
Designated
HRSA HPSA
Economic context: 3.1% of county personal income is Medicare/Medicaid medical benefits; 7.8% arrives as government transfers (BEA, 2022).
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