One owns a for-profit insurer, a venture capital company, and for-profit hospitals in Italy and Kazakhstan; it has just acquired its fourth for-profit hospital in Ireland.
KFF Health NewsJul 29 2024 Another owns one of the largest for-profit hospitals in London, is partnering to build a massive training facility for a professional basketball team, and has launched and financed 80 for-profit start-ups. Another partners with a wellness spa where rooms cost $4,000 a night and co-invests with "leading private equity firms."These diversified businesses are, in fact, some of the country's largest nonprofit hospital systems.
To be sure, many hospitals' major source of income is still likely to be pricey patient care. Because they are nonprofit and therefore, by definition, can't show that thing called "profit," excess earnings are called "operating surpluses." Meanwhile, some nonprofit hospitals, particularly in rural areas and inner cities, struggle to stay afloat because they depend heavily on lower payments from Medicaid and Medicare and have no alternative income streams.
And in recent years, partnerships with, and ownership of, profit-making ventures have strayed further and further afield from the purported charitable health care mission in their community. Related StoriesHere are some things listed as "community benefit" on hospital systems' 990 tax forms: creating jobs; building energy-efficient facilities; hiring minority- or women-owned contractors; upgrading parks with lighting and comfortable seating; creating healing gardens and spas for patients.What's more, to justify engaging in for-profit business while maintaining their not-for-profit status, hospitals must connect the business revenue to that mission.
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