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federal government tax refund for 2008 WSJ: Nonprofit Hospitals, Once For the Poor, Strike It Rich (1 viewing) (1) Guests
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federal government tax refund for 2008 WSJ: Nonprofit Hospitals, Once For the Poor, Strike It Rich  
The Wall Street Journal April 4, 2008 PAGE ONE Nonprofit Hospitals, Once For the Poor, Strike It Rich With Tax Breaks, They Outperform For-Profit Rivals By JOHN CARREYROU and BARBARA MARTINEZ April 4, 2008 Nonprofit hospitals, originally set up to serve the poor, have transformed themselves into profit machines. And as the money rolls in, the large tax breaks they receive are drawing fire. Riding gains from investment portfolios and enjoying the pricing power that came from a decade of mergers, many nonprofit hospitals have seen earnings soar in recent years. The combined net income of the 50 largest nonprofit hospitals jumped nearly eight-fold to $4.27 billion between 2001 and 2006, according to a Wall Street Journal analysis of data from the American Hospital Directory. AHD, an information-service company, compiles data that hospitals report to the federal government. [Hospital_launcher]1 The Cleveland Clinic swung from a loss to net income of $229 million during that period. No fewer than 25 nonprofit hospitals or hospital systems now earn more than $250 million a year. One nonprofit hospital system, Ascension Health, has a treasure chest of $7.4 billion
 
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