Major Tertiary Hospitals Face Severe Financial Difficulties... Seoul National University Hospital Reports 162.8 Billion KRW Deficit in First Half

Average Net Loss of 27.8 Billion KRW for 12 Public Medical Institutions Affiliated with National and Public Medical Schools in the First Half of the Year

As conflicts over medical fees have prolonged, the financial difficulties of major tertiary hospitals in Seoul have become severe.

[Image source=Yonhap News]

According to data received on the 17th from the Ministry of Health and Welfare by Han Ji-a, a member of the National Assembly's Health and Welfare Committee from the People Power Party, the average net loss of 12 medical institutions affiliated with six national and public medical schools in the first half of this year was 27.82 billion KRW, an increase of 19.26 billion KRW on average compared to last year (8.56 billion KRW).

Seoul National University Hospital recorded a net loss of 162.79 billion KRW in the first half of this year, the largest deficit among national university-affiliated medical institutions. Bundang Seoul National University Hospital had a profit of 30.83 billion KRW in the first half of last year, but turned to a loss of 41.88 billion KRW in the first half of this year, showing the largest increase in net loss (72.71 billion KRW).

Seoul Asan Medical Center made a profit of 74.9 billion KRW in the first half of last year but recorded a loss of 21.6 billion KRW in the first half of this year. Seoul St. Mary's Hospital posted a loss of 13.09 billion KRW, and Severance Hospital recorded a loss of 16.03 billion KRW in the first half of this year.

The net losses of four out of the Big 5 hospitals (Seoul National University, Severance, Samsung Seoul, Seoul Asan, and Seoul St. Mary's) reached 213.51 billion KRW in the first half of this year. Financial data from Samsung Seoul Hospital, the remaining hospital among the Big 5, was not submitted.

The deficit scale of private university hospitals was also large. According to financial data submitted by 24 out of 63 private university-affiliated medical institutions, 17 reported losses in the first half of this year.

These hospitals recorded a net profit of 6.98 billion KRW in the first half of last year but suffered a net loss of 3.37 billion KRW in the first half of this year. In particular, Severance Hospital had a profit of 73.71 billion KRW in the first half of last year but turned to a loss of 16.03 billion KRW in the first half of this year.

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