Financial Report 2007
Norton Healthcare continued its solid fiscal performance in 2007 while investing heavily in the organization and the communities it serves, consistent with its not-for-profit mission.
Sound fiscal performance in 2007 allowed Norton Healthcare to contribute a record $70.8 million "community dividend" to charitable care, discounted services, community and professional education, support for the University of Louisville School of Medicine and other community programs and services. From 2003 to 2007, Norton Healthcare's strong fiscal management has resulted in a total community dividend of nearly $323 million.
In 2007, free or discounted health care services were provided to nearly 61,000 uninsured patients, representing some $58.6 million worth of services provided - or more than $160,000 each day.
System facilities, equipment and technology received $80 million in upgrades in 2007, part of $509 million in upgrades since the organization doubled in size in September 1998. It is through investments such as these that Norton Healthcare is able to provide patient care more effectively and efficiently while improving fiscal performance, resulting in additional resources to reinvest in the organization and the communities it serves.
Norton Healthcare's $22.5 million patient service margin - from patient services provided in 2007 - represents the fourth consecutive year that the organization has recorded a positive margin, with highlights including:
- Posted a $79.6 million bottom line (operating income). This represents the fifth consecutive year that Norton Healthcare has posted positive operating income.
- Contributed a record $70.8 million community dividend, a 5.3 percent increase from 2006.
- Recorded $3.4 billion in gross revenues and ended 2007 with $1.6 billion in total assets.
- Improved net revenues to $1.18 billion, a $30 million improvement (3 percent) from 2006. Since 1998, Norton Healthcare's net revenues have grown from $417.9 million to $1.18 billion, an increase of 182 percent.
- Improved cash reserves to $588 million, a $48 million improvement from 2006.
- Improved days cash on hand - a key indicator of an organization's financial strength - to 218 days.
- Recorded a record $22.2 million in private philanthropic support through the Children's Hospital Foundation, Norton Healthcare Foundation and Kosair Charities.
Norton Healthcare Combined Balance Sheet
View financial statements derived from audited financial statements that include combined balance sheets, operations and changes in net assets, cash flows and community service.
2007 Financial Report (PDF)
Financial Glossary of Terms
Explore a glossary of the financial terms used on this site.
News Release & Media Coverage
Norton Healthcare News Release
Archived Financial Reports
2006 Norton Healthcare Financial Report
2005 Norton Healthcare Financial Report
2004 Norton Healthcare Financial Report