Thursday, October 16, 2014

Ohio Non-Profit Hospitals Net Assets Up 104% Under Obama and the Affordable Care Act

From a review of the Electronic Municipal Market Access (EMMA), I found 15 Non-Profit Hospital Organizations headquartered in the State of Ohio with Net Assets (i.e. Financial Strength or Total Assets minus Total Liabilities) at the most recent date of more than $400 mil each.  Below here are the Net Assets of these 15 at both the most recent reported date and also at the Fiscal Year End (FYE) closest to the beginning of the Obama Administration:

FYE Balance Net

Balance Sheet Assets

Most Recent
Sheet Net %

Recent Balance
Date Assets Change

Balance Sheet
Beginning Beginning During
City State Sheet Net
Obama Obama Obama
Hospital Organization HQs HQs Date Assets
Admin Admin Admin

mil $s

mil $s

Cleveland Clinic Health System Cleveland OH Jun 14        6,592
Dec 08        2,715 143%
OhioHealth Columbus OH Mar 14        3,213
Jun 09        1,259 155%
Catholic Health Partners Cincinnati OH Jun 14        3,210
Dec 08        1,614 99%
Cincinnati Children's Hospital Medical Ctr Cincinnati OH  Mar 14         2,234
Jun 09        1,140 96%
Nationwide Children's Hospital Columbus OH Jun 14        1,923
Dec 08           761 153%
University Hospitals Health System Cleveland OH Jun 14        1,885
Dec 08        1,078 75%
Premier Health Partners Dayton OH Jun 14        1,741
Dec 08        1,111 57%
ProMedica Health Care Toledo OH Jun 14        1,668
Dec 08        1,042 60%
Mount Carmel Health Columbus OH Jun 13        1,238
Jun 09           850 46%
Summa Health System Akron OH Jun 14           963
Dec 08           407 137%
Ohio State Univ Wexner Med Ctr Columbus OH Jun 13           924
Jun 09           555 66%
Kettering Health Network Dayton OH Jun 14           868
Dec 08           340 155%
UC Health (Cincinnati) Cincinnati OH Jun 14           707
Jun 09           415 70%
Children's Hospital Med Center Akron Akron OH Jun 14           613
Dec 08           247 148%
Christ Hospital Health Network Cincinnati OH Jun 14           488
Jun 09           317 54%

Total all 15


     13,851 104%

As you can see from the above chart, the Total Net Assets (Financial Strength) of these 15 Ohio Non-Profit Hospital Organizations increased by a spectacular 104% to $28.267 bil so far during the Obama Administration.

The lowest percentage increase of the 15 was a robust 46%.

In just the past 12 months, this Total Net Asset increase grew substantially from 65% to 104%.  The main driver here was Cleveland Clinic's giant $1.2 bil increase in Net Assets from $5.392 bil at June 30, 2013 to $6.592 bil at June 30, 2014.

Very positively impacting this massive increase in the Net Assets (Financial Strength) of these 15 Ohio Hospitals were actions taken by both the Obama Administration and the US Fed to strengthen the US Financial Foundation which was severely damaged from the financial meltdown in late 2008.

In addition, the Affordable Care Act (ACA) has also played a key role in this huge increase in Net Assets (Financial Strength) of these 15 Ohio Non-Profit Hospital Organizations.

A remarkable thing is that these very robust increases in Net Assets (Financial Strength) of these Non-Profit Hospital Organizations occurred when these Non-Profit Hospitals were also playing very instrumental roles in the substantial annual percentage growth reduction of Total US Health Care Costs which occurred in each of the most recent three years under the ACA.

With such spectacular Net Asset percentage increases of these 15 Ohio Hospitals, a key beneficiary of this has been and will continue to be Ohio citizens electing to buy health insurance on the Health Insurance Exchange.  This exceptional Net Asset growth gives these Ohio Hospitals the financial flexibility to moderate their pricing for hospital procedures in their negotiations with health insurance companies which ultimately determines what insurance premium prices are set at by health insurance companies on the Health Insurance Exchange.