So With That Incredible Financial Strength, Why Are These 25 US Non-Profit Hospital Systems, the Many Other US Non-Profit Hospitals and also the US For-Profit Hospitals Laying Off So Many Hospital Workers and Also Cutting the Salaries of So Many Other Hospital Workers Who Were Already Substantially Underpaid?
And Why Aren't They Rewarding With Combat Pay Incentives All of the Hospital Employees Who Are Working Vigorously and Endlessly in the War-Like Pandemic Environment Where They Are Risking Their Own Lives.
And Why Don't Hospital Workers Have an Abundance of the World-Class Protective Gear and Weapons Needed To Be Able To Successfully Fight This War Against the CoronaVirus?
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The whole idea behind accumulating such a high level of financial strength is for the hospital system to use it during tough economic times ..... if the CoronaVirus doesn't qualify as a tough economic time, I would like to know what does?
So how did these 25 largest US Non-Profit Hospital Systems increase their Total Financial Strength so much or by $191 bil in the past decade or so?
Well, despite being called Non-Profits, they actually are highly profitable enterprises.
Further, their profits are income tax free.
But even more importantly, their highest asset mix are not their investments in hard assets (hospital land, hospital buildings and improvements and hospital equipment) but rather their investments in stocks and bonds which went to the moon during the eight years of the Obama Administration.
Their annual untaxed hospital profits kept getting added to their investments in stocks and bonds. And so did the untaxed stock market price appreciation and the untaxed dividend income on their investments in stocks. And so did the untaxed interest income and the untaxed bond price appreciation on their investments in bonds.
And unlike the for-profit publicly-held companies, the US Non-Profit Hospital Systems don't pay cash dividends and can't buy back their own common stock, both of which result in a substantial deterioration of the Net Assets or Financial Strength of publicly-held US for-profit companies.
From a review of the financial statements of Non-Profit Hospital Systems contained in on-line EMMA (the Electronic Municipal Market Access), the table below shows the predominately audited total assets, total liabilities and total net assets of each of these 25 largest US Non-Profit Hospital Systems.
| Net | Net | ||||||||
| Assets | Assets | ||||||||
| FYE | FYE | % | |||||||
| Balance | Balance | Increase | |||||||
| Sheet | Sheet | Since | |||||||
| Most | Most | Most | Date | Date | FYE | ||||
| Most | Recent | Recent | Recent | Including | Including | Including | |||
| Recent | Balance | Balance | Balance | 2008-09 | 2008-09 | 2008-09 | |||
| Top 25 | Balance | Sheet | Sheet | Sheet | US | US | US | ||
| US Non-Profit Hospital Systems | City | State | Sheet | Total | Total | Net | Financial | Financial | Financial |
| Ranked By Net Assets Size | HQs | HQs | Date | Assets | Liabilities | Assets | Meltdown | Meltdown | Meltdown |
| mil $s | mil $s | mil $s | mil $s | ||||||
Kaiser
Permanente
|
Oakland
|
CA
|
Dec 19
|
79,167
|
44,113
|
35,054
|
Dec 08
|
11,431
|
207%
|
Ascension Health
|
St, Louis
|
MO
|
Dec 19
|
40,951
|
16,562
|
24,389
|
Jun 09
|
8,275
|
195%
|
CommonSpirit
Health
|
Chicago
|
IL
|
Dec 19
|
42,749
|
26,603
|
16,146
|
Jun 09
|
5,505
|
193%
|
Providence St Joseph Health
|
Renton
|
WA
|
Dec 19
|
30,552
|
14,677
|
15,875
|
Dec 08
|
3,911
|
306%
|
Trinity
Health
|
Livonia
|
MI
|
Dec 19
|
28,230
|
13,578
|
14,652
|
Mar 09
|
6,008
|
144%
|
AdventHealth
|
Altamonte
Springs
|
FL
|
Dec 19
|
18,386
|
6,575
|
11,811
|
Dec 08
|
3,407
|
247%
|
Cleveland
Clinic Health System
|
Cleveland
|
OH
|
Dec 19
|
19,974
|
8,215
|
11,759
|
Dec 08
|
2,715
|
333%
|
Advocate Aurora Health
|
Downers Grove
|
IL
|
Dec 19
|
18,934
|
7,235
|
11,699
|
Dec 08
|
1,842
|
535%
|
Mayo Clinic
|
Rochester
|
MN
|
Dec 19
|
19,739
|
9,345
|
10,394
|
Dec 08
|
2,326
|
347%
|
Partners Healthcare System
|
Boston
|
MA
|
Dec 19
|
22,772
|
12,395
|
10,377
|
Sep 09
|
4,975
|
109%
|
Sutter
Health
|
Sacramento
|
CA
|
Dec 19
|
18,527
|
9,187
|
9,340
|
Dec 08
|
4,298
|
117%
|
New York and Presbyterian Hospital
|
New York
|
NY
|
Sept 19
|
15,249
|
6,365
|
8,884
|
Dec 08
|
2,333
|
281%
|
Northwestern
Memorial Health Care
|
Chicago
|
IL
|
Nov 19
|
13,014
|
4,382
|
8,632
|
Aug 09
|
1,642
|
426%
|
UPMC
|
Pittsburgh
|
PA
|
Dec 19
|
17,494
|
9,186
|
8,308
|
Jun 09
|
2,756
|
201%
|
Indiana
University Health
|
Indianapolis
|
IN
|
Dec 19
|
11,413
|
3,262
|
8,151
|
Dec 08
|
1,434
|
468%
|
IHC Health Services
|
Salt Lake City
|
UT
|
Dec 19
|
13,671
|
5,709
|
7,962
|
Dec 08
|
1,582
|
403%
|
Houston
Methodist
|
Houston
|
TX
|
Sept 19
|
10,098
|
2,651
|
7,447
|
Dec 08
|
2,375
|
214%
|
Baylor Scott & White Health
|
Temple
|
TX
|
Dec 19
|
14,024
|
6,894
|
7,130
|
Jun 09
|
2,166
|
229%
|
Texas Health
Resources
|
Arlington
|
TX
|
Sept 19
|
9,966
|
2,940
|
7,026
|
Dec 08
|
1,921
|
266%
|
Inova Health System
|
Falls Church
|
VA
|
Dec 19
|
9,549
|
2,629
|
6,920
|
Dec 08
|
1,885
|
267%
|
Memorial
Sloan-Kettering Cancer Center
|
New York
|
NY
|
Sept 19
|
10,790
|
3,893
|
6,897
|
Dec 08
|
3,224
|
114%
|
BayCare Health System
|
Clearwater
|
FL
|
Dec 19
|
9,432
|
2,537
|
6,895
|
Dec 08
|
1,523
|
353%
|
BJC
Healthcare
|
St Louis
|
MO
|
Dec 19
|
11,198
|
4,532
|
6,666
|
Dec 08
|
2,705
|
146%
|
Banner Health System
|
Phoenix
|
AZ
|
Dec 19
|
13,166
|
6,516
|
6,650
|
Dec 08
|
1,669
|
298%
|
Atrium
Health
|
Charlotte
|
NC
|
Sept 19
|
10,503
|
4,354
|
6,149
|
Dec 08
|
2,340
|
163%
|
Totals all
25 US Non-Profit Hospitals
|
509,548
|
234,335
|
275,213
|
84,248
|
227%
|
