Healthcare for What’s Next There is no question these are turbulent times in healthcare. Yet as lower reimbursements and the uncertainties of healthcare reform swirl around us, NorthShore University HealthSystem (NorthShore) stands as a pillar of strength delivering excellence in healthcare every day. It is a tribute to our strong foundation deeply rooted in renowned physician expertise, innovative technology and a 125-year legacy of exceptional patient care. With four hospitals, more than 100 medical offices and a dedicated team of more than 10,000 physicians, nurses and support staff, NorthShore continues to rise among the top integrated healthcare systems in the nation. Together, we lead the way in providing healthcare for what’s next. Looking back over the past year, we reached new heights through major investments in clinical programs, personalized medicine and state-of-the-art facilities. We dramatically expanded access to care through new Medical Group offices opening from Niles to Lincolnshire to Lake Forest, and also added a series of immediate care and orthopaedic walk-in clinics. We have transformed all of our hospitals with state-of-the-art operating rooms, radiology suites, all-private patient rooms and new public spaces. This was especially true at our Highland Park and Skokie Hospital campuses in 2017. We further broadened our leading-edge capabilities across a multitude of clinical areas and served a record number of patients. Particularly gratifying was the growth at our four Institutes: NorthShore Cardiovascular, Orthopaedic and Neurological Institutes and NorthShore Kellogg Cancer Center. We also continue to pioneer innovation in disease prediction, prevention and treatment through clinically applied genomics at our Center for Personalized Medicine. Every day, NorthShore specialty care and primary care physicians target prevention, therapies and effective medications based on a patient’s unique genetic blueprint. We have thrived by embracing change, particularly in direct-to-consumer technology, to fulfill our pledge to make healthcare simpler and more accessible. Today, more than 425,000 patients schedule appointments, manage their medications and enhance communications regarding their care through our secure NorthShoreConnect mobile app and website. This journey would not be complete without our steadfast commitment to patients, families and community. The high calling of our mission “to preserve and improve human life” spreads far beyond our hospitals and medical offices and into the lives of all those we are privileged to serve. In the last year alone, we provided more than $200 million in community benefits, including charity care, proactive wellness education and preventive health screenings. On behalf of our entire leadership team, thank you for your support again this past year. Percy L. Berger Sr Chairman of the Board NorthShore University HealthSystem Mark R. Neaman President and Chief Executive Officer NorthShore University HealthSystem 2017 Financial Report In 2017, NorthShore again demonstrated its ability to generate solid financial results, despite heightened reimbursement pressures from government payors such as Medicare and Medicaid, as well as commercial insurers. While patient visits increased 4 percent for the year, we continue to be paid at a lower rate for these services. This negatively impacts overall revenue and earnings, as our expenses still must increase to support care delivery to a growing number of patients. This dynamic is compounded by rising cost pressures, primarily from medical device and pharmaceutical suppliers. But thanks to proactive steps from our leadership team, we tightly managed operating expenditures throughout the year and partnered with key suppliers to lower costs for goods and services. All of this was accomplished while also increasing investments in new clinical areas, such as personalized medicine, and in new facilities including Medical Group centers in Lake Forest, Lincolnshire and Niles. 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 2017 reached $2.1 billion. Our balance sheet remained strong with $3.75 billion in total assets, including net property and healthcare equipment assets of $1.1 billion, along with total net assets (equity) of $2.6 billion. Our strong balance sheet ensures our ability to deliver healthcare for what’s next across NorthShore’s system of care, with major capital improvements in our hospitals, clinical technology and data analytics. As 2018 approaches, we are confident in NorthShore’s ability to thrive into the future despite the extensive fiscal challenges and economic uncertainty in the healthcare industry. We also are fully prepared and strongly positioned to achieve positive financial results, as we continue to build on our 125-year legacy of exceptional patient care and leading-edge physician expertise. Gary E. Weiss Chief Financial Officer
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