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Financial Outlook

Positive performance allows CHB to reinvest in its future The challenges ahead


 


FY 1998-2002 revenue

FY 2003 revenue

2003 revenue sources

2003 expenses



Related link:
Dialogue with
CFO David Kirshner

 

ast month, Children’s announced its second straight year showing a profit after eight consecutive years of losses. The hospital finished fiscal year 2003 with an operational surplus of $29 million—$14 million more than was budgeted—on total revenues of $695 million.

In addition, the Children’s Hospital Trust had another successful year, generating nearly $50 million in new donations and moving closer to its five-year, $250 million fundraising campaign goal.

The good news marked the completion of Children’s four-year recovery plan, which has focused on increasing volume and reducing costs, earning appropriate reimbursement from the federal government for physician training and improving reimbursement rates from health insurance companies.

While this was a terrific year, Sandra Fenwick, chief operating officer, anticipates more modest operating incomes in the years ahead, along with significant financial challenges. “We will face increasing costs associated with providing ever more complex care, facing an industry-wide shortage of labor, and dealing with the rising cost of medical and surgical supplies, drugs and blood products,” Fenwick says.

In addition, once the new clinical and research buildings are fully opened and occupied, the hospital will have to absorb the costs associated with that space, while considering the need for future investments. Based on projected growth in demand for services and the fact that Children’s already operates at full capacity, plans are already being made for 50 additional beds by the end of 2005. In addition, the hospital continues to make important investments in the technology infrastructure that aids in safer, more effective and more efficient patient care.

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