Tuesday, March 5, 2013

US Non-Profit Hospital Organizations With No December FYE Had Their Net Assets Increase 42% in Three Years

In a recent post, from a review of EMMA, I found 39 US Non-Profit Hospital Organizations with Net Assets of over $1 bil each and with December Fiscal Year Ends (FYEs).

These 39 Hospital Organizations had Total Net Assets of $125.4 bil at September 30, 2012, up $49.2 bil, or an increase of 65% from the total December 31, 2008 year-end amounts, which was 3 3/4 years earlier.

In this post, again from a review of EMMA, I found another 52 US Non-Profit Hospital Organizations with Net Assets of over $1 bil each and with FYEs other than December.  Of these 52 Hospital Organizations, 31 of them had June FYEs and another 17 had Sept FYEs.  Thus the average time period from their 2009 FYE to September 30, 2012 was just barely above 3 years.

These 52 Non-Profit Hospital Organizations had Total Net Assets of $122.7 bil, an increase of $36.5 bil, or up 42% from FYEs 2009, which was roughly 3 years earlier.

Granted 42% is lower than 65%, but the 42% growth is for 3 years, while the 65% is for 3 3/4 years.

So, when you combine these 91 Non-Profit Hospital Organizations, you get Total Net Assets of $248 bil.  My hunch is that when you project that over the universe of all US Hospital Organizations, including Governmental and For-Profit ones, the Total Net Assets are north of $500 bil at September 30, 2012.

And for another hunch, these Total Net Assets of all US Hospital Organizations will be substantially north of $1 trillion at the end of President Obama's second term.  The new Affordable Care Act will substantially expand further the Net Assets of Hospital Organizations, as will a continuing robust stock market.


It should be pointed out that Partners Healthcare System's Net Assets at September 30, 2012 was burdened by a $796 mil reduction, resulted primarily from a reduction in the discount rate it used to measure its defined benefit pension obligations from 5.30% at September 30, 2011 to 4.15% at FYE September 30, 2012.

When I review the footnotes of so many of these Non-Profit Hospital Organizations, it just amazes me at how incredibly low the interest rates are on their debt, particularly on their variable interest rate debt.  US Fed Chairman Bernanke has done economic wonders not just for the Big Financial Corps, for the Big Utility Corps, and for all Big Corps Buying Back Their Own Common Stock, but also for the Non-Profit Hospital Organizations' earnings.

Now if he could only find ways to share these massive economic benefits to all US citizens, including small businesses.  It doesn't seem that these Big Financial Corps, Big Utility Corps, and Non-Profit Hospital Organizations are willing to share this Fed largesse with their customers.  And the Big Corps Buying Back Their Own Common Stock continue to shed rather than to hire new workers.

Below here are the Net Assets of these 52 Non-Profit Hospital Organizations at September 30, 2012 and at their FYEs roughly 3 years earlier in 2009:



9-30-12 2009 2009 3 Year


Net Assets FYE Net Assets %

HQs mil $s Month mil $s Change






Ascension Health MO 13,296 Jun 8,275 61%
Catholic Health Initiatives CO 7,524 Jun 5,505 37%
Partners Healthcare System MA 5,283 Sep 4,975 6%
Trinity Health MI 5,070 Jun 4,030 26%
Dignity Health CA 4,980 Jun 3,622 37%
UPMC PA 4,362 Jun 2,756 58%
Children's Medical Center Boston MA 3,865 Sep 2,516 54%
Baylor Health Care System TX 3,058 Jun 2,166 41%
Johns Hopkins Health System MD 2,999 Jun 1,273 136%
St. Joseph Health System CA 2,955 Jun 2,076 42%
Texas Children's Hospital TX 2,653 Sep 2,088 27%
Northwestern Memorial Health Care IL 2,619 Aug 1,642 60%
Children's Hospital Philadelphia PA 2,613 Jun 1,938 35%
Jefferson Health System PA 2,446 Jun 1,860 32%
Christus Health TX 2,357 Jun 2,119 11%
Baptist Health Health South Florida FL 2,331 Sep 1,571 48%
OhioHealth OH 2,308 Jun 1,259 83%
Scripps Health CA 2,243 Sep 1,354 66%
Duke University Health System NC 2,137 Jun 1,392 54%
Memorial Hermann Health Care System TX 2,060 Jun 1,509 37%
Oregon Health & Science University OR 1,983 Jun 1,570 26%
Hospital Sisters Health System IL 1,979 Jun 1,697 17%
Sanford SD 1,844 Jun 1,242 48%
Baptist Memorial Health Care TN 1,815 Sep 1,501 21%
Geisinger Health System PA 1,815 Jun 901 101%
North Shore University Health Systems IL 1,768 Sep 1,443 23%
Stanford Hospital & Clinics CA 1,702 Aug 807 111%
University Penn Health System PA 1,624 Jun 1,163 40%
Spectrum Health System MI 1,616 Jun 1,128 43%
Seattle Children's Health Care WA 1,605 Sep 1,195 34%
Rush University Medical Center IL 1,554 Jun 1,073 45%
Sharp Health Care CA 1,521 Sep 806 89%
PeaceHealth WA 1,503 Jun 897 68%
Saint Francis Health System OK 1,486 Jun 946 57%
Cook Children's Health TX 1,442 Sep 840 72%
South Broward Hospital District FL 1,415 Apr 1,011 40%
Christiana Care Health Services DE 1,355 Jun 881 54%
Children's Memorial Medical Center IL 1,345 Aug 1,051 28%
LifeSpan RI 1,338 Sep 1,225 9%
CareGroup Health Care System MA 1,279 Sep 978 31%
University Maryland Medical System MD 1,264 Jun 904 40%
Virginia Commonwealth Univ Health VA 1,199 Jun 756 59%
Froedtert Health WI 1,183 Jun 824 44%
University of Chicago Medical Center IL 1,149 Jun 823 40%
Mission Health System NC 1,144 Sep 882 30%
Medical College of Wisconsin WI 1,134 Jun 808 40%
Orlando Health FL 1,133 Sep 875 29%
Via Christi Health KS 1,086 Sep 846 28%
Cone Health NC 1,084 Sep 894 21%
Alegent Creighton Health NE 1,073 Jun 835 29%
Children's Hospital Los Angeles CA 1,047 Jun 758 38%
Ministry Health Care WI 1,034 Sep 674 53%





Total all 52
122,678
86,160 42%