In my earlier post on this same topic, from a review of financial statements through the end of June 2011, in mostly two Internet sites: Dac.bond and EMMA (Electronic Municipal Market Access of the Municipal Securities Rulemaking Board), I found 134 Non-Catholic, Non-Profit Hospital Organizations with Net Assets (i.e. Excess of Total Assets over Total Liabilities) of at least $500 mil each.
Of these 134 Big Non-Profit Hospital Organizations, I could find very recent (1Q 2011) Net Assets amounts for 120 of them. Thus, I could derive reliable Net Asset growth for roughly the most recent two years for just these 120.
These 120 Big Non-Profit Hospital Organizations had total Net Assets of $191.5 bil at the most recent balance sheet date, which was March 31, 2011 for the overwhelming majority of them.
In comparison, the total Net Assets of these same 120 Non-Profit Hospital Organizations were $138.2 bil at their respective closest fiscal year ends two years earlier.
Thus, the Net Assets of these 120 Non-Profit Hospital Organizations increased by $53.3 bil, or by a remarkable 39%, in just the most recent two years.
In early July 2011, I went into more depth in this research review and I found 30 additional Non-Catholic, Non-Profit Hospital Organizations with Net Assets of at least $500 mil each.
Of these 30 additional Big Non-Profit Hospital Organizations found in July 2011, I could find very recent (1Q 2011) Net Assets amounts for 21 of them. Thus, I could derive reliable Net Asset growth for roughly the most recent two years for just these 21.
These 21 Big Non-Profit Hospital Organization late additions had total Net Assets of $19.4 bil at the most recent balance sheet date, which was March 31, 2011 for the overwhelming majority of them.
In comparison, the total Net Assets of these same 21 Non-Profit Hospital Organizations were $13.9 bil at their respective closest fiscal year ends two years earlier.
Thus, the Net Assets of these 21 Non-Profit Hospital Organization late additions increased by $5.5 bil, or by 39%, in just the most recent two years. This 39% increase precisely matched the 39% increase in the original 120 Non-Profit Hospital Organizations in the original research through the end of June 2011.
Below here are these 21 Non-Catholic, Non-Profit Hospital Organization Late Additions:
....................................................................Balance Sheet
..............................................................................2 Years
....................................................................Most...Earlier
..Hospital Organization and HQs.........FYE..Recent...FYE
Children's Med Ctr....Boston,MA..........Sep..Mar 11..Sep 08
Fairview Health.......Minneapolis,MN..Dec..Mar 11..Dec 08
John Muir Health....Walnut Creek,CA..Dec..Mar 11..Dec 08
Multicare Health......Tacoma,WA........Dec..Mar 11..Dec 08
Natnwde Chldrn's Hosp.Columbus,OH.Dec..Dec 10..Dec 08
Mission Health Sys....Asheville,NC......Sep..Mar 11..Sep 08
Nemours Foundatn..Jacksonville,FL...Dec..Dec 10..Dec 08
Children's Hospital...Denver,CO..........Dec..Dec 10..Dec 08
St Luke's Health......Kansas City,MO.....Dec..Mar 11..Dec 08
Cottage Health Sys..Santa Barbara,CA..Dec..Mar 11..Dec 08
Health Partners.......Bloomington,MN..Dec..Mar 11..Dec 08
Avera.................Sioux Falls,SD...........Jun..Mar 11..Jun 09
Univ Hlth Sys E Carol.Greenville,NC....Sep..Mar 11..Sep 08
Children's Hospital...Birmingham,AL...Dec..Mar 11..Dec 08
Meridian Health Sys...Red Bank,NJ......Dec..Mar 11..Dec 08
SouthCoast Health.....Fall River,MA.....Sep..Mar 11..Sep 08
Scottsdale Healthcare.Scottsdale,AZ....Sep..Mar 11..Sep 08
Caromont Health.......Gastonia,NC.......Jun..Mar 11..Jun 09
Summa Health..........Akron,OH...........Dec..Mar 11..Dec 08
Contracare Health.....St Cloud,MN.......Jun..Mar 11..Jun 09
Lifebridge Health.....Baltimore,MD......Jun..Mar 11..Jun 09
And below here are the Net Assets amounts of these 21 Non-Profit Hospital Organization late additions, and the increases in Net Assets over roughly the most recent two years.
.............................................Net Assets..Net Assets
....................................................Most........Two
...................................................Recent.....Years.....Increase..
...Hospital Organization................Date.......Earlier..Amount...%
.....................................................(millions of dollars)...
Children's Med Center Boston......3,078......2,398......680....28%
Fairview Health Services..............1,184.........732......452....62%
John Muir Health.........................1,128.........756......372....49%
Multicare Health System..............1,125.........650......475....73%
Nationwide Children's Hosp Ohio..1,122.........761......361....47%
Mission Health System.................1,042.........828......214....26%
Nemours Foundation......................988.........744......244....33%
Children's Hospital Colorado...........985.........678......307....45%
St Luke's Health System...................952.........703......249....35%
Cottage Health System....................947.........674......273....41%
Health Partners Minn......................840.........503......337....67%
Avera..............................................827.........673......154....23%
Univ Health Syst Eastern Carolina...698..........583......115....20%
Children's Hospital Alabama............652.........418......234....56%
Meridian Health System...................612.........339......273....81%
SouthCoast Health System...............566.........469........97....21%
Scottsdale Healthcare......................544.........423......121....29%
Caromont Health.............................532.........367......165....45%
Summa Health System.....................525.........409......116....28%
Contracare Health System................521.........381......140....37%
Lifebridge Health.............................507.........406......101....25%
Total 21 Late Additions...............19,375.....13,895...5,480...39%
Yeah, the lowest percentage increase of the above 21 is 20%. Now that is what I call whole-scale consistency of strong increases in financial strength of the Non-Profit Hospital industry during the Obama Administration.
And here are the 9 Non-Profit Hospital Organization late additions I found in early July 2011, with Net Assets above $500 mil each, which haven’t disclosed a recent 1Q 2011 Net Asset amount:
.............................................................................Balance Sheet
............................................................................Most..One Year
..Hospital Organization and HQs.................FYE...Recent..Earlier
Children's Hospital..............Cincinnati,OH..Jun..Jun 10..Jun 09
Geisinger Health.....................Danville,PA..Jun..Jun 10..Jun 09
Packard Children's Hosp.......Palo Alto,CA..Aug..Aug 10..Aug 09
VA Commonwlth Univ Hlth.Richmond,VA..Jun..Jun 10..Jun 09
Wellstar Health.......................Marietta,GA..Jun..Jun 10..Jun 09
WakeMed Health.......................Raleigh,NC..Sep..Sep 10..Sep 09
El Camino Hospital.......Mountain View,CA..Jun..Jun 10..Jun 09
Hartford Hospital....................Hartford,CT..Sep..Sep 10..Sep 09
Children's Natl Med Ctr.......Washington DC..Jun..Jun 10..Jun 09
And below here are the Net Assets of these 9 Non-Profit Hospital Organization late additions, and their one-year increases in their Net Asset amounts:
..............................................Net Assets..Net Assets
.....................................................Most........One
....................................................Recent......Year...Increase.....
.....................................................Date......Earlier...Amount....%
.......................................................(millions of dollars)...
Children's Hospital Cincy..............1,223......1,140.........83......7%
Geisinger Health System...............1,106.........901.......205.....23%
Packard Children's Hospital..........1,088......1,068.........20......2%
VA Commonwealh Univ Health.......872.........756.......116.....15%
Wellstar Health System...................787.........715.........72.....10%
WakeMed Health.............................761.........719.........42......6%
El Camino Hospital.........................722.........685.........37......5%
Hartford Hospital............................594.........569.........25......4%
Children's Natl Med Center..............547.........439.......108.....25%
Total 9 Final Late Additions.........7,700....6,992........708.....10%
When I combine the 134 Big Non-Catholic Non Profit Hospital Organizations in the original research through June 2011 with the 30 more in the most recent research in early July, I get total Net Assets of $237.2 bil.
And the 22 Big Catholic Hospital Organizations had another $63.6 bil in Net Assets.
That brings the total Net Assets of all Non-Profit Hospital Organizations to $300.8 bil. And this is for only very roughly 40% of all Non-Profit Hospitals. Thus the Net Assets of all Non-Profit Hospitals must be more than $700 bil now, and headed much higher.
And remarkably, all 186 of these Non-Profit Hospitals had Net Asset growth in roughly the most recent two years, thus during the Obama Administration. And many of the percentage increases were just spectacular.
The financial strength of all US Non-Profit Hospital Organizations, which hold an extensive treasure chest of investments in equity and debt securities, was just devastated in 2008 by the financial meltdown of the US economy. But this implosion of the financial status of Non-Profit Hospitals has been resurrected in the past two years.
This financial turnaround was due mainly to many wise actions by the Obama Administration, by the Fed, and by the US Congress, which created a US economic infrastructure which permitted US large businesses to flourish, with the resultant substantial rise in stock prices of Big Corps in the past two years.
Clearly, the executives of Non-Profit Hospitals, all employees of Non-Profit Hospitals, the Board of Directors of Non-Profit Hospitals, and the bondholders of these Non-Profit Hospitals have to all be elated with what has happened with the financial strength of their Non-Profit Hospitals during the Obama Administration.
But with this substantially increased financial status of the Big Non-Profit Hospitals, the question that I think has to be answered....In all fairness, just like Health Insurance Corps should, shouldn't all Hospital Organizations also be reducing their stiff prices in order to both patriotically and compassionately help reduce total US health care costs, to help suffering US individual hospital patients, to ease the health care burdens on US businesses, and to soften both the crushing US Federal Deficit and the many State Government severely-stressed Budgets?
