Charity and Hospitals

In a report in October affirming Baptist's "AA" bond rating, Standard & Poor's noted that Baptist "has identified more than $933 million of fixed income and equity assets," commonly known as stocks and bonds. In the 1 1 months ending in August, Baptist's revenu...

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Bibliographic Details
Published inThe Memphis flyer no. 1081
Main Author Branston, John
Format Newspaper Article
LanguageEnglish
Published Memphis, Tenn Memphis Flyer 12.11.2009
Subjects
Economic conditions
Financial statements
Hospitals
Indigent care
Memphis Tennessee
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Summary:In a report in October affirming Baptist's "AA" bond rating, Standard & Poor's noted that Baptist "has identified more than $933 million of fixed income and equity assets," commonly known as stocks and bonds. In the 1 1 months ending in August, Baptist's revenues exceeded expenses by $88 million, up from $36 million in 2006, when it was in a slump. This year's results and 5 percent operating margin have far exceeded the hospital's own forecast of an operating margin of less than 1 percent. The term "nonprofit" as opposed to "for-profit" hospital systems such as Tenet Healthcare, which has 14 percent of rhe Memphis market, does not mean Baptist and Methodist don't make a lot of money. They do, even during a recession and a national "health-care crisis." They don't pay taxes, because they each provided more than $275 million of charity care last year, by their own accounting. Baptist hospital was founded in 1912 by churchmen in Tennessee, Arkansas, and Mississippi "to render quality health care to all in this area in keeping with the tenets of our church." Merhodist's mission is "supporting and extending the health and welfare ministries of the Memphis, Arkansas, and Mississippi annual conferences of the United Methodist Church."