Financial Report 2004
Norton Healthcare Financial Report 2004
As a nonprofit health care system, Norton Healthcare is responsible for being good financial stewards of the community assets that comprise our health care system, and to report our financial performance to the community, just as we are doing with our clinical quality.
Norton Healthcare experienced a breakthrough financial year in 2004, as our organization exceeded its key financial operating targets for the fourth consecutive year. Norton reaped the benefits of recent investments in facilities, technology, clinical information systems and employees, allowing the system to provide care more efficiently. Highlights included:
- A $21.8 million bottom line (operating income), our best since 1999 and a $13.4 million improvement (160 percent) from the positive $8.4 million recorded in 2003.
- Our first positive patient services margin (financial result from patient care services) since 1996. It represented a $10.8 million improvement, with a positive $3.4 million, compared with a loss of $7.4 million in 2003.
- Our contribution of a $61.2 million "community dividend," comprising charitable care, discounted services, community and professional education, and support for the University of Louisville.
*Norton Healthcare acquired the former for-profit hospitals September 1, 1998, and since then has invested nearly $300 million in these and other system facilities.