Catholic Healthcare West Posts Stable Financial Performance in 2008

Posted on: Friday, 10 October 2008, 12:00 CDT Catholic Healthcare West (CHW), the eighth largest health system in the nation and the largest not-for-profit hospital provider in California, today announced the results of its 2008 fiscal year, posting a net income of $170 million for the year ended June 30, compared to $891 million in the 2007 fiscal year, which included the effect of a change in accounting for unrealized gains and losses. This change in reporting rules for unrealized gains and losses on investments resulted in additional investment income of $194 million in FY07 that related to prior years. Operating income for the not-for-profit hospital system in FY08 was $160 million compared to an operating income of $300 million in FY07. Revenues for FY08 increased 12 percent to $8.4 billion, compared to $7.8 billion in... [read full story]