Healthcare for What’s Next This year, NorthShore University HealthSystem (NorthShore) celebrates a special occasion—the 125th anniversary of its founding as Evanston Emergency Hospital. No one could have imagined the trajectory we would take to become the fully integrated health system we are today. Our four hospitals, 100+ medical offices and exceptional team of 10,000 physicians, nurses and support staff are ranked among the very best in the nation. Collectively, we are able to lead the way to provide healthcare for what’s next. At the heart of our 125-year journey is an unwavering commitment to patients, families and community. Our long-standing mission “to preserve and improve human life” radiates well beyond our clinical facilities and into the lives of all those we are privileged to serve. In the last year alone, we provided well in excess of $200 million in community benefits, including charity care and neighborhood partnerships that featured preventive health screenings and wellness education. In 2016, we expanded our capabilities across a multitude of clinical areas and recorded remarkable growth in the number of patients served, particularly at our four Institutes: NorthShore Cardiovascular, Orthopaedic and Neurological Institutes and NorthShore Kellogg Cancer Center. Through our Center for Personalized Medicine, we blazed new trails in disease prediction, prevention and treatment. Our talented physician-scientists led the way in developing targeted therapies and medication management based on a patient’s unique genetic blueprint. This effort was recognized by a recent multimillion dollar research award from the National Institutes of Health, part of a nationwide initiative studying ways to prevent and treat disease based on an individual’s lifestyle, environment and genetics. This year, we embarked on major investments in new programs and facilities. We expanded the depth and breadth of our Medical Group expertise and are adding new primary and specialty care offices in Lake County. A major transformation of our NorthShore Highland Park Hospital campus includes a new Women’s Hospital with spacious, private rooms and spa-like amenities for new mothers and their infants. Further developments at Highland Park Hospital include new operating rooms, radiology facilities and technology. We also remain resolute in our commitment to make healthcare simpler and more accessible for patients. Through significant digital health enhancements, some 400,000 patients can now schedule specialty and primary care appointments and manage their medications through our secure NorthShoreConnect mobile app and website. The visionary leadership of our Board of Directors, Management Team and Professional Staff has guided us to where we are today—well-prepared for healthcare for what’s next. We are on a clear course to deliver outstanding outcomes, exceptional experiences and greater healthcare value to all we serve, for decades to come. Percy L. Berger Sr. Chairman of the Board NorthShore University HealthSystem Mark R. Neaman President and Chief Executive Officer NorthShore University HealthSystem 2016 Financial Report NorthShore University HealthSystem recorded another year of solid financial results for fiscal year 2016. This is no small accomplishment considering the ongoing reimbursement pressures we face from government payors such as Medicare and Medicaid, as well as commercial insurance companies. For the year ending September 30, we delivered 4 percent revenue growth, about twice the rate of growth we achieved in the previous year. We attribute this primarily to a double-digit increase in patient visits across our four clinical Institutes: NorthShore Kellogg Cancer Center, and NorthShore Cardiovascular, Neurological and Orthopaedic Institutes. Overall patient volume systemwide was up 6 percent, reflecting our ability to do more for our patients while being paid less than we have in the past for clinical services. Our leadership team once again took a proactive approach to managing operating costs, even as some of our key supply costs increased by double-digits— principally in pharmaceutical and medical device expenditures. Our strong results fuel our ability to deliver healthcare for what’s next across our system of care, including substantial reinvestment in our hospitals and outpatient facilities, leading-edge technology, and ongoing recruitment of top physicians and support staff. We also continue to fulfill our mission “to preserve and improve human life” by providing critical aid to patients and families who are most in need. In 2015–16, NorthShore delivered $209 million in community benefits, including community education, language assistance, charity care and government-sponsored indigent healthcare. The unaudited financial statements on the following pages detail NorthShore’s consolidated financial position and operating results over the last two fiscal years. Total revenue in fiscal year 2016 reached $2 billion. Our balance sheet remains strong with $3.5 billion in total assets, including net property and healthcare equipment assets of $1.1 billion, along with total net assets (equity) of $2.4 billion. Looking ahead to 2017, we are fully prepared and well-positioned to manage through the continued challenges of reimbursement pressures, supplier cost increases and economic uncertainties. We remain confident in NorthShore’s ability to generate positive financial results while providing the highest level of physician expertise, compassionate care and exceptional patient experiences. Gary E. Weiss Chief Financial Officer
Published by Staywell/NorthShore University. View All Articles.
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