Cone Health Provides $261 Million to Communities it Serves
Cone Health and its employees gave more than $261 million to the communities it serves in FY 2013. Of that total, $245 million was uncompensated care.
Uncompensated care grew by nearly $60 million in FY 2013. Uncompensated care is charity care, bad debt and the shortfall between what governments pay for healthcare through Medicare and Medicaid and what it actually costs Cone Health to deliver that care. Cone Health has provided approximately $1.3 billion in uncompensated care in just the last 10 years.
“Hospitals everywhere–including Cone Health–had a tough time in 2013. The economy hit our communities hard, which is reflected in this huge increase in uncompensated care,” says Cone Health Chief Executive Officer Tim Rice. “We have 80,000 people without health insurance in Guilford County alone. Hospitals cannot continue as the community’s safety net without help.”
Cone Health also provided nearly $9.5 million in medical education. That includes training 47 medical residents and 1,800 graduate students. Cone Health’s other contributions include the cost of community health fairs, screenings, donated equipment and volunteer hours of Cone Health employees.
“Hospitals play a vitally important role in our communities,” says Cone Health Board of Trustees Chairwoman Deborah Hooper. “We can be very proud of the role Cone Health plays in ours.”
The “2014 Annual Report to our Communities” is an easy way for the public to gauge the wide-ranging contribution Cone Health has on the communities it serves. The report is available at http://www.conehealth.com/news/annual-reports/