Cone Health Invested $199 Million in its Communities
Cone Health and its employees invested nearly $199 million in free care, classes, services and donations to the communities it serves in fiscal year 2012. Almost $185 million of that was patient care for which Cone Health did not receive compensation. “Governments everywhere are cutting payments to hospitals as a way of controlling healthcare costs. It is vital that policymakers and the public understand that hospitals provide millions of dollars to improve the health and well-being of the communities they serve,” says Cone Health Chief Executive Officer Tim Rice. “Continued cuts endanger those efforts and create unsustainable growth in uncompensated care.”
Uncompensated care grew $13 million in FY 2012. Uncompensated care is charity care, bad debt and the shortfall between what government pays for healthcare through Medicare and Medicaid and what it actually costs to deliver that care. Cone Health has provided $1 billion in uncompensated care since 2001.
In addition, Cone Health contributed $14.1 million in monetary donations, volunteer hours, training for healthcare professionals, and community education and outreach.
The “2013 Annual Report to our Communities” also includes some of the many milestones and accomplishments achieved by Cone Health. It is an easy way for the public to gauge the wide-ranging contribution Cone Health has on the communities it serves.