Navigation Links
Sutter Health Announces 2008 Financial Performance
Date:4/9/2009

SACRAMENTO, Calif., April 9 /PRNewswire/ -- The Sutter Health network of doctors, hospitals and other health care service providers announced its financial performance for 2008. Sutter Health's combined 2008 systemwide income from the day-to-day operations of its hospitals, care centers and other services was $463 million, compared to $471 million in 2007. Sutter Health also posted a loss of $277 million in investment income and changes in net unrealized gains and losses from investments classified as trading in 2008, compared to a gain of $152 million in 2007. Total income for 2008 was $186 million, compared to $623 million in 2007. The system's total 2008 revenues were $8.3 billion, compared to $7.7 billion in revenues in 2007.

As a not-for-profit health care organization, Sutter Health reinvests its earnings into programs, services, technology and facilities in the communities it serves. The system also invested *$505 million to fortify the Sutter Health Pension Plan in light of investment losses.

While Sutter's investment losses in 2008 and an uncertain economy will require the system to moderate its planned capital spending, Sutter Health intends to commit approximately $1 billion to capital projects in 2009. Major medical center construction projects in Burlingame and Sacramento are well under way, and design and entitlement processes for seismic-replacement hospitals in Oakland and San Francisco are moving forward. Sutter Health is also proceeding with plans to build new hospitals in Castro Valley and Santa Rosa.

During 2008, Sutter provided even more care and services for the poor and underserved and benefits for the broader community. Sutter Health's 2008 commitment to community benefit was $599 million (compared to **$548 million in 2007) and includes the cost of providing charity care, the unpaid costs of participating in Medi-Cal, and investments in medical research, health education and community-based public benefit programs such as school-based clinics and prenatal care for patients. As a result of an expanded charity care policy implemented throughout the Sutter Health system in early 2004, Sutter's commitment to providing charity care has grown to nearly $2 million per week. Sutter Health's traditional charity care contribution increased from **$77 million in 2007 to a record $96 million in 2008.

"Sutter Health enjoyed continued strong operating results in 2008, however, the economic downturn had a negative impact on our investment earnings," said Sutter Health President and CEO Pat Fry. "We are pleased that Sutter Health's positive financial performance allowed us to maintain the financial health of our employee pension plan, make record contributions to charity care and community benefit, and commit over $1 billion to capital investments," he added.

    Dollars in millions
                                                    2008                2007
    Operating Revenues                         $   8,281           $   7,651
    Operating Expenses                             7,818               7,180
                                               ---------           ---------
    Operating Income                                 463                 471
    Investment Income                                  8                 169
    Change in net unrealized gains/losses
    from investments classified as trading          (285)                (17)
                                               ---------           ---------
    Income                                     $     186           $     623

    Capital Investment                         $   1,028           $     979



Serving patients and their families in more than 100 Northern California cities and towns, Sutter Health doctors, hospitals and other health care service providers join resources and share expertise to advance health care quality and access. The Sutter Medical Network includes many of California's top-performing, highest quality physician organizations as measured annually by the Integrated Healthcare Organization. Sutter-affiliated hospitals are regional leaders in cardiac care, women's and children's services, cancer care, orthopedics and advanced patient safety technology. For more information about the not-for-profit Sutter Health family, please visit www.sutterhealth.org.

*The amount invested by Sutter Health in its pension plan in 2008 was the IRS maximum deductible contribution. The Sutter Health Retirement Plan is fully funded in accordance with the minimum funding standards of the Employee Retirement Income Security Act of 1974 (ERISA).

**In 2008, Sutter Health adopted the 2008 Edition of the Catholic Health Association's guidelines to be in alignment with voluntary national community benefit reporting standards. Certain amounts for 2007 have been restated for comparability.

*Video and audio clips available in the newsroom at www.SutterHealth.org


'/>"/>
SOURCE Sutter Health
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Nurses Send Sutter a Clear Message
2. Sutter Health Medical Groups Among the Best for Health Care Quality
3. Solano Regional Medical Group and Sutter Regional Medical Foundation Recognized by Integrated Healthcare Association (IHA)
4. Sutter Moves to Reduce Public Accountability, Slash Hospital Beds
5. Sutter Violating State Safety Laws on Assuring Proper Competency Validation of Strike Staff, Say RNs
6. Sutter Solano Cancer Center Offers Advice, Free Lecture During Breast Cancer Awareness Month
7. CNA Presents New Data on Sutters Medical Redlining
8. Sutter Fairfield Surgical Center Ranks Best in Region
9. Sutter Solano Cancer Center Offers Oncology Patients Customized Cancer Treatment
10. Sutter Regional Medical Foundation Opens New Fairfield Care Center
11. 5,000 Sutter Nurses Prepare for Second Strike Against Chain
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/27/2016)... ... June 27, 2016 , ... ... health professionals, announced today its affiliation with Tennessee Counseling Association. This ... the network of the Tennessee Counseling Association, adding exclusive benefits and promotional offers. ...
(Date:6/26/2016)... ... June 26, 2016 , ... On June 10-11, 2016, A Forever Recovery, ... Festival and World’s Longest Breakfast Table in Battle Creek, MI, where the rehabilitation facility ... home to some of the world’s leading providers of cereal and other breakfast foods. ...
(Date:6/25/2016)... ... June 25, 2016 , ... Experts from the ... AcademyHealth’s Annual Research Meeting June 26-28, 2016, at the Hynes Convention Center in ... topics including advance care planning, healthcare costs and patient and family engagement. , ...
(Date:6/25/2016)... ... ... As a lifelong Southern Californian, Dr. Omkar Marathe earned his Bachelors in ... School of Medicine at UCLA. He trained in Internal Medicine at Scripps Green Hospital ... at the UCLA-Olive View-Cedars Sinai program where he had the opportunity to train in ...
(Date:6/24/2016)... ... 2016 , ... Those who have experienced traumatic events may suffer from a ... such as drug or alcohol abuse, as a coping mechanism. To avoid this pain ... following a traumatic event. , Trauma sufferers tend to feel a range of emotions, ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... , June 23, 2016 Research ... MEMS Devices Medical Market Analysis 2016 - Forecast to 2022" ... The report contains up to date financial data ... analysis. Assessment of major trends with potential impact on the ... analysis of market segmentation which comprises of sub markets, regional ...
(Date:6/23/2016)... 23, 2016 Bracket , a leading clinical ... generation clinical outcomes platform, Bracket eCOA (SM) 6.0, at ... 26 – 30, 2016 in Philadelphia , ... Outcome Assessment product of its kind to fully integrate with ... Bracket eCOA 6.0 is a flexible platform for electronic clinical ...
(Date:6/23/2016)... and BOGOTA, Colombia , June 23, 2016  Astellas today announced the establishment of ... Farma Brasil as the company,s second affiliate in Latin America . ... ... Manager of Astellas Farma Colombia ... ...
Breaking Medicine Technology: