The key single measure of the financial strength of a Non-Profit Hospital Organization is its Net Assets, the excess of its Total Assets over its Total Liabilities. These Non-profit hospitals with December fiscal year ends (FYE) experienced a massive drop in their Net asset positions in 2008 due to the late 2008 financial meltdown. And because of the very effective actions taken by the Obama Administration and by the US Fed, these Non-profit hospitals recouped in 2009 nearly all of their 2008 massive drops in their Net Asset positions.
The massive turnaround in the stock market in 2009, as well as the continuing very nice increase in the stock market from 2010 to the present time, have substantially added to the market values of the huge portfolios of stock market investments held by these Non-profit hospitals and by their pension funds. Further, the drop in interest rates substantially improved the hospital operating income of these Non-profit hospitals especially since they have huge amounts of interest-bearing debt.
The Total Net Asset positions of these December FYE Non-profit hospitals have grown by an incredible 78% during the first 4.5 years (Dec 2008 to Jun 2013) of the Obama Administration.
In this post, I am addressing the Non-profit Hospital Organizations with FYEs other than December.
From a quick review of the Electronic Municipal Market Access
(EMMA), below here are the 165 Non-profit Hospital Organizations I found
with FYEs other than December ends and with current Net Asset positions of more than $400 mil each:
| Obama | |||||||
| Most | 2009 | Bump | |||||
| Most | Recent | 2009 | FYE | 3.71 | |||
| Recent | Balance | FYE | Balance | Avg | |||
| Balance | Sheet | Balance | Sheet | Years | |||
| State | Sheet | Net | Sheet | Net | % | ||
| Hospital Organization | HQs | Date | Assets | Date | Assets | Change | |
| mil $s | mil $s | ||||||
| Ascension Health | MO | Jun 13 | 17,131 | Jun 09 | 8,275 | 107% | |
| Catholic Health Initiatives | CO | Jun 13 | 8,246 | Jun 09 | 5,505 | 50% | |
| Dignity Health | CA | Jun 13 | 6,061 | Jun 09 | 3,622 | 67% | |
| Partners Healthcare System | MA | Jun 13 | 5,859 | Sep 09 | 4,975 | 18% | |
| Trinity Health | MI | Mar 13 | 5,504 | Jun 09 | 4,030 | 37% | |
| St Joseph Health System | CA | Jun 13 | 4,918 | Jun 09 | 2,076 | 137% | |
| UPMC (Pittsburgh) | PA | Jun 13 | 4,617 | Jun 09 | 2,756 | 68% | |
| Johns Hopkins Health System | MD | Jun 13 | 3,429 | Jun 09 | 1,273 | 169% | |
| Children's Medical Center Boston | MA | Jun 13 | 3,277 | Sep 09 | 2,516 | 30% | |
| Baylor Health System | TX | Jun 13 | 3,269 | Jun 09 | 2,166 | 51% | |
| Mercy Health | MO | Mar 13 | 3,179 | Jun 09 | 2,118 | 50% | |
| Northwestern Memorial Health Care | IL | May 13 | 2,915 | Aug 09 | 1,642 | 78% | |
| Texas Children's Hospital | TX | Jun 13 | 2,865 | Sep 09 | 2,088 | 37% | |
| St Jude Children's Research Hospital | TN | Mar 13 | 2,816 | Jun 09 | 1,907 | 48% | |
| Christus Health | TX | Jun 13 | 2,607 | Jun 09 | 2,119 | 23% | |
| Children's Hospital Philadelphia | PA | Mar 13 | 2,599 | Jun 09 | 1,938 | 34% | |
| Duke University Health System | NC | Jun 13 | 2,586 | Jun 09 | 1,392 | 86% | |
| Baptist Health South Florida | FL | Jun 13 | 2,554 | Sep 09 | 1,571 | 63% | |
| OhioHealth | OH | Mar 13 | 2,547 | Jun 09 | 1,259 | 102% | |
| Scripps Health | CA | Jun 13 | 2,507 | Sep 09 | 1,354 | 85% | |
| Jefferson Health System | PA | Mar 13 | 2,493 | Jun 09 | 1,860 | 34% | |
| Hospital Sisters Health System | IL | Jun 13 | 2,252 | Jun 09 | 1,697 | 33% | |
| Memorial Hermann Healthcare System | TX | Jun 13 | 2,236 | Jun 09 | 1,509 | 48% | |
| Oregon Health & Science University | OR | Jun 13 | 2,169 | Jun 09 | 1,570 | 38% | |
| Stanford Hospitals & Clinics | CA | May 13 | 2,099 | Aug 09 | 807 | 160% | |
| Cedars-Sinai Medical Center | CA | Jun 12 | 2,058 | Jun 09 | 1,517 | 36% | |
| Geisinger Health System | PA | Jun 13 | 2,044 | Jun 09 | 901 | 127% | |
| University Penn Health System | PA | Jun 13 | 2,034 | Jun 09 | 1,163 | 75% | |
| NorthShore University Health System | IL | Jun 13 | 1,939 | Sep 09 | 1,443 | 34% | |
| Spectrum Health System | MI | Jun 13 | 1,899 | Jun 09 | 1,128 | 68% | |
| Sanford Health | SD | Jun 13 | 1,859 | Jun 09 | 1,242 | 50% | |
| Baptist Memorial Health Care | TN | Jun 13 | 1,839 | Sep 09 | 1,501 | 23% | |
| U Cal, LA Medical Center | CA | Jun 12 | 1,826 | Jun 09 | 1,350 | 35% | |
| Seattle Children's Healthcare | WA | Jun 13 | 1,759 | Sep 09 | 1,195 | 47% | |
| Rush University Medical Center | IL | Jun 13 | 1,734 | Jun 09 | 1,073 | 62% | |
| Sharp Health Care | CA | Jun 13 | 1,702 | Sep 09 | 806 | 111% | |
| Cadence Health | IL | Mar 13 | 1,696 | Jun 09 | 879 | 93% | |
| Packard Children's Hospital at Stanford | CA | May 13 | 1,661 | Aug 09 | 1,068 | 56% | |
| Hoag Memorial Hospital Presbyterian | CA | Sep 12 | 1,653 | Sep 09 | 1,375 | 20% | |
| Cook Children's Health | TX | Jun 13 | 1,651 | Sep 09 | 840 | 97% | |
| University Michigan Hospitals & Health | MI | Jun 12 | 1,635 | Jun 09 | 1,537 | 6% | |
| PeaceHealth | WA | Jun 13 | 1,594 | Jun 09 | 897 | 78% | |
| South Broward Hospital District | FL | Apr 13 | 1,526 | Apr 09 | 1,011 | 51% | |
| Children's Hospital Cincinnati | OH | Jun 12 | 1,476 | Jun 09 | 1,140 | 29% | |
| Memorial Health Services | CA | Mar 13 | 1,465 | Jun 09 | 955 | 53% | |
| CareGroup Healthcare System | MA | Jun 13 | 1,453 | Sep 09 | 978 | 49% | |
| Christiana Care Health Services | DE | Mar 13 | 1,452 | Jun 09 | 881 | 65% | |
| Children's Memorial Chicago Med Center | IL | May 13 | 1,394 | Aug 09 | 1,051 | 33% | |
| Virginia Commonwealth Univ Health | VA | Jun 13 | 1,382 | Jun 09 | 756 | 83% | |
| Froedtert Health | WI | Jun 13 | 1,341 | Jun 09 | 824 | 63% | |
| LifeSpan | RI | Jun 13 | 1,338 | Sep 09 | 1,225 | 9% | |
| University Maryland Medical System | MD | Mar 13 | 1,329 | Jun 09 | 904 | 47% | |
| Avera Health | SD | Jun 13 | 1,324 | Jun 09 | 675 | 96% | |
| Cone Health | NC | Jun 13 | 1,272 | Sep 09 | 894 | 42% | |
| Franciscan Missionaries Our Lady Health | LA | Jun 13 | 1,254 | Jun 09 | 830 | 51% | |
| Baptist Health System (Jacksonville) | FL | Jun 13 | 1,244 | Sep 09 | 687 | 81% | |
| University North Carolina Hospitals | NC | Jun 13 | 1,241 | Jun 09 | 911 | 36% | |
| Mission Health System | NC | Jun 13 | 1,224 | Sep 09 | 882 | 39% | |
| Medical College Wisconsin | WI | Mar 13 | 1,213 | Jun 09 | 808 | 50% | |
| Dallas County Hospital (Parkland) | TX | Sep 12 | 1,213 | Sep 09 | 962 | 26% | |
| University Chicago Medical Center | IL | Mar 13 | 1,201 | Jun 09 | 823 | 46% | |
| U Cal, San Francisco Medical Center | CA | Jun 12 | 1,169 | Jun 09 | 761 | 54% | |
| University Iowa Hospitals & Clinics | IA | Jun 12 | 1,162 | Jun 09 | 969 | 20% | |
| Orlando Health | FL | Jun 13 | 1,152 | Sep 09 | 875 | 32% | |
| Dana-Farber Cancer Institute | MA | Jun 13 | 1,130 | Sep 09 | 836 | 35% | |
| Children's Hospital Los Angeles | CA | Jun 13 | 1,124 | Jun 09 | 758 | 48% | |
| Wellstar Health System | GA | Mar 13 | 1,111 | Jun 09 | 715 | 55% | |
| Via Christi Health | KS | Mar 13 | 1,107 | Sep 09 | 846 | 31% | |
| Lehigh Valley Health Network | PA | Jun 13 | 1,066 | Jun 09 | 590 | 81% | |
| Ministry Health Care | WI | Jun 13 | 1,065 | Sep 09 | 730 | 46% | |
| MedStar Health | MD | Mar 13 | 1,038 | Jun 09 | 647 | 60% | |
| North Carolina Baptist Hospital | NC | Jun 13 | 1,027 | Jun 09 | 715 | 44% | |
| U Cal, Davis Medical Center | CA | Jun 12 | 1,022 | Jun 09 | 794 | 29% | |
| NYU Hospitals Center | NY | May 13 | 1,016 | Aug 09 | 401 | 153% | |
| McLaren Health Care | MI | Jun 13 | 995 | Sep 09 | 682 | 46% | |
| Hartford Health Care | CT | Jun 13 | 995 | Sep 09 | 661 | 51% | |
| Queens Health System | HI | Mar 13 | 993 | Jun 09 | 548 | 81% | |
| Bon Secours Health System | MD | May 13 | 982 | Aug 09 | 703 | 40% | |
| Methodist Health System (Dallas) | TX | Dec 12 | 976 | Sep 09 | 627 | 56% | |
| UAB Health System (Birmingham) | AL | Jun 13 | 974 | Sep 09 | 744 | 31% | |
| Greenville Hospital System | SC | Jun 13 | 968 | Sep 09 | 802 | 21% | |
| Legacy Health System | OR | Jun 13 | 962 | Mar 09 | 618 | 56% | |
| Piedmont Health Care | GA | Jun 13 | 961 | Jun 09 | 608 | 58% | |
| Baylor College of Medicine | TX | Jun 13 | 948 | Jun 09 | 965 | -2% | |
| Children's Mercy Hospitals&Clinics (KC) | MO | Mar 13 | 944 | Jun 09 | 668 | 41% | |
| Lancaster General Health | PA | Jun 13 | 942 | Jun 09 | 622 | 51% | |
| Wheaton Franciscan Health | WI | Jun 13 | 937 | Jun 09 | 704 | 33% | |
| University Colorado Hospital | CO | Jun 12 | 931 | Jun 09 | 471 | 98% | |
| Vidant Health | NC | Jun 13 | 931 | Sep 09 | 587 | 59% | |
| Integris Health | OK | Mar 13 | 907 | Jun 09 | 774 | 17% | |
| Reading Hospital | PA | Jun 13 | 895 | Jun 09 | 730 | 23% | |
| Central Georgia Health System | GA | Mar 13 | 894 | Sep 09 | 789 | 13% | |
| WakeMed Health | NC | Jun 13 | 890 | Sep 09 | 719 | 24% | |
| El Camino Hospital | CA | Jun 12 | 877 | Jun 09 | 685 | 28% | |
| Shands Teaching Hospitals & Clinics | FL | Jun 13 | 876 | Jun 09 | 569 | 54% | |
| McLeod Health | SC | Jun 13 | 864 | Sep 09 | 533 | 62% | |
| U Cal, San Diego Medical Center | CA | Jun 12 | 859 | Jun 09 | 569 | 51% | |
| Yale-New Haven Hospital | CT | Jun 13 | 849 | Sep 09 | 588 | 44% | |
| Scott & White Healthcare | TX | May 13 | 847 | Aug 09 | 686 | 23% | |
| St. Luke's Health System | ID | Jun 13 | 824 | Sep 09 | 577 | 43% | |
| OSF Healthcare System | IL | Jun 13 | 818 | Sep 09 | 684 | 20% | |
| Palmetto Health | SC | Jun 13 | 807 | Sep 09 | 593 | 36% | |
| Lee Memorial Health System | FL | Jun 13 | 802 | Sep 09 | 576 | 39% | |
| Essentia Health | MN | Jun 13 | 801 | Jun 09 | 519 | 54% | |
| Children's National Medical Center | DC | Mar 13 | 789 | Jun 09 | 439 | 80% | |
| Rady Children's Hospital | CA | Mar 13 | 759 | Jun 09 | 387 | 96% | |
| Sarasota County Hospital District | FL | Jun 13 | 754 | Sep 09 | 542 | 39% | |
| Phoebe Putney Health System | GA | Apr 13 | 751 | Jul 09 | 481 | 56% | |
| Centracare Health System | MN | Jun 13 | 694 | Jun 09 | 381 | 82% | |
| Scottsdale Healthcare | AZ | Mar 13 | 683 | Sep 09 | 435 | 57% | |
| Mountain States Health Alliance | TN | Jun 13 | 681 | Jun 09 | 450 | 51% | |
| UMass Memorial HealthCare | MA | Jun 13 | 675 | Sep 09 | 545 | 24% | |
| North Mississippi Health Services | MS | Sep 12 | 675 | Sep 09 | 670 | 1% | |
| Abington Health | PA | Mar 13 | 673 | Jun 09 | 518 | 30% | |
| Wake Forest Univ Health Sciences | NC | Jun 13 | 656 | Jun 09 | 510 | 29% | |
| SouthCoast Health System | MA | Jun 13 | 648 | Sep 09 | 485 | 34% | |
| University Kansas Hospital | KS | Sep 12 | 645 | Jun 09 | 422 | 53% | |
| CoxHealth | MO | Jun 13 | 628 | Sep 09 | 456 | 38% | |
| MidMichigan Health | MI | Jun 13 | 627 | Jun 09 | 414 | 51% | |
| Guthrie Health | PA | Jun 13 | 624 | Jun 09 | 375 | 66% | |
| Fletcher Allen | VT | Jun 13 | 623 | Sep 09 | 341 | 83% | |
| CaroMont Health | NC | Mar 13 | 621 | Jun 09 | 386 | 61% | |
| First Health of the Carolinas | NC | Jun 13 | 616 | Sep 09 | 458 | 34% | |
| All Children's Hospital (St Pete) | FL | Mar 13 | 611 | Sep 09 | 516 | 18% | |
| LifeBridge Health | MD | Jun 13 | 607 | Jun 09 | 406 | 50% | |
| U Cal, Irvine Medical Center | CA | Jun 12 | 605 | Jun 09 | 631 | -4% | |
| Health First | FL | Jun 13 | 604 | Sep 09 | 481 | 26% | |
| Edward Health Services | IL | Mar 13 | 603 | Jun 09 | 369 | 63% | |
| Hartford Hospital | CT | Sep 11 | 594 | Sep 09 | 569 | 4% | |
| Poudre Valley Health System | CO | Jun 12 | 592 | Jun 09 | 394 | 50% | |
| New Hanover | NC | Jun 13 | 579 | Sep 09 | 450 | 29% | |
| Regional Health | SD | Jun 13 | 578 | Jun 09 | 326 | 77% | |
| Memorial Health System | IL | Jun 13 | 576 | Sep 09 | 415 | 39% | |
| ProHealth Care | WI | Jun 13 | 569 | Sep 09 | 423 | 35% | |
| Baystate Medical Center | MA | Jun 13 | 555 | Sep 09 | 361 | 54% | |
| Spartanburg Regional Healthcare System | SC | Jun 13 | 551 | Sep 09 | 487 | 13% | |
| Northeast Georgia Health System | GA | Jun 13 | 543 | Sep 09 | 307 | 77% | |
| Lakeland Regional Medical Center | FL | Jun 13 | 535 | Sep 09 | 390 | 37% | |
| UC Health (Cincinnati) | OH | Mar 13 | 529 | Jun 09 | 415 | 27% | |
| Genesis Health System | IA | Jun 13 | 523 | Jun 09 | 387 | 35% | |
| WellSpan Health | PA | Mar 13 | 522 | Jun 09 | 387 | 35% | |
| Pinnacle Health System | PA | Mar 13 | 521 | Jun 09 | 304 | 71% | |
| Wellmont Health System | TN | Mar 13 | 514 | Jun 09 | 325 | 58% | |
| Tampa General Hospital | FL | Jun 13 | 514 | Sep 09 | 331 | 55% | |
| Little Company Mary Hosps&Healthcare | IL | Mar 13 | 511 | Jun 09 | 310 | 65% | |
| Children's Hospital Orange County | CA | Mar 13 | 509 | Jun 09 | 412 | 24% | |
| Northwest Community Healthcare | IL | Jun 13 | 508 | Sep 09 | 462 | 10% | |
| PIH Health | CA | Jun 13 | 506 | Sep 09 | 400 | 27% | |
| Asante Health System | OR | Jun 13 | 503 | Sep 09 | 294 | 71% | |
| BayHealth Medical Center | DE | Mar 13 | 499 | Jun 09 | 276 | 81% | |
| Deaconess Health System | IN | Jun 13 | 493 | Sep 09 | 365 | 35% | |
| Rex Healthcare | NC | Jun 13 | 478 | Jun 09 | 297 | 61% | |
| Albert Einstein Healthcare Network | PA | Mar 13 | 469 | Jun 09 | 401 | 17% | |
| Cape Cod Healthcare | MA | Jun 13 | 465 | Sep 09 | 288 | 61% | |
| Immanuel Health Systems | NE | Jun 13 | 460 | Jun 09 | 415 | 11% | |
| Alexian Brothers Health System | IL | Jun 13 | 440 | Dec 09 | 422 | 4% | |
| Susquehanna Health System | PA | Jun 13 | 436 | Jun 09 | 226 | 93% | |
| University Utah Hospitals & Clinics | UT | Jun 12 | 434 | Jun 09 | 341 | 27% | |
| NCH Healthcare System | FL | Jun 13 | 428 | Sep 09 | 353 | 21% | |
| Community Healthcare System | IN | Jun 13 | 428 | Jun 09 | 289 | 48% | |
| Fremont-Rideout Health Group | CA | Mar 13 | 424 | Jun 09 | 313 | 35% | |
| Dartmouth-Hitchcock | NH | Jun 13 | 417 | Sep 09 | 387 | 8% | |
| Washington Hospital Healthcare System | CA | Mar 13 | 413 | Jun 09 | 300 | 38% | |
| Cape Fear Valley Health System | NC | Jun 13 | 408 | Sep 09 | 315 | 30% | |
| Hamilton Health Care System | GA | Jun 13 | 404 | Sep 11 | 335 | 21% | |
| Total all 165 | 232,378 | 152,945 | 52% |
The above Total Net Asset growth of 52% during the Obama Administration for these 165 Non-December FYE Hospital Organizations is indeed remarkable. However, this is still less than the 78% growth for the 82 December FYE Non-profit Hospital Organizations. This is mainly because this 52% Net Asset growth occurred in only an average 3.71 year period whereas the 78% growth occurred in a longer 4.50 year period. To further illustrate this point, the makeup of this 52% Net Asset growth is an average increase of 68% for the hospitals with a 4.00 year period, a lower 46% average increase for hospitals with a 3.75 year period and an even lower 28% average increase for hospitals with periods of less than 3.75 years.
Of the above 165 Non-profit Hospital Organizations, only two of them experienced Net Asset declines. One of them Baylor College of Medicine had its bottom line earnings and thus also its Net Asset position negatively impacted by total impairment losses on capital projects of $166 mil. And the second one U Cal-Irvine Medical Center had a 12% Net Asset growth over the four years from June 2008 to June 2012, much better than its above 4% Net Asset decline over the three years from June 2009 to June 2012.
And in my earlier post on the December FYE Non-profit Hospital Organizations, only 1 of the 82 of them experienced Net Asset Position declines during the Obama Administration.
Probably more than anything else, the long-term financial status of US Non-Profit Hospitals will determine ultimately how successful the Affordable Care Act (ACA) will be.
The key single measure of the financial strength of a Non-Profit Hospital Organization is its Net Assets, the excess of its Total Assets over its Total Liabilities.
When I combine my sample of December and Non-December FYE Non-profit Hospital Organizations, there are 252 of them with a Total Net Asset Position of $405.4 bil, and a significant number of these are Net Assets Positions before June 2013. From my past research, the total number of hospitals included in these 252 Non-Profit Hospital Organizations represent significantly less than half of all non-profit hospitals. Thus my estimate is that the Total Net Assets of all Non-profit Hospital Organizations now is above $700 bil. When I project this out, I get Total Net Assets of all Non-profit Hospital Organizations of above $1 trillion at the end of the Obama Administration's second term.
These Non-profit hospitals have operated on all cylinders financially during the Obama Administration. It is pretty clear to me that these 252 large Non-profit Hospital Organizations have the exceptional financial strength to make the ACA work very effectively.
