2009/2010 System Annual Report - Henry Ford Health System

2009 Financial PerformanceFor the seventh consecutiveyear, Henry Ford HealthSystem experienced positiverevenue growth and netincome in 2009.The System reported totalrevenues of $3.97 billion, anincrease of $277 million over2008. Overall, Henry Fordreported $30.4 million netincome for 2009 as comparedto $8.5 million in 2008.The financial growth of HenryFord continued in 2009 whileopening up a new hospital inWest Bloomfield, expandingHenry Ford Hospital in Detroitand funding the employeepension plan. Henry FordHealth System had increasesin both hospital admissionsand emergency visits in 2009.The System providedmore than $173 million inuncompensated medicalcare costs, an increase of 8percent from 2008.CONSOLIDATED BALANCE SHEETSDecember 31, 2009 and 2008(In Thousands)December December2009 2008ASSETSCURRENT ASSETS:Cash and cash equivalents $ 339,972 $ 356,257Short-term investments 142,258 26,795Patient care receivables 118,914 126,640Health care premium receivables 22,536 16,700Other current assets 210,623 197,842Total Current Assets 834,303 724,234LONG-TERM INVESTMENTS 156,604 190,486ASSETS LIMITED AS TO USE 788,328 733,846JOINT VENTURES & OTHER ASSETS 25,581 25,406PROPERTY, PLANT AND EQUIPMENT 1,233,470 1,169,983TOTAL $ 3,038,286 $ 2,843,955LIABILITIES AND NET ASSETSCURRENT LIABILITIES $ 479,145 $ 547,086LONG TERM DEBT 849,578 702,270OTHER LONG TERM LIABILITIES 490,054 545,311NET ASSETS 1,219,509 1,049,288TOTAL $ 3,038,286 $ 2,843,955Days Cash on HandDebt to Capitalization Ratio101200945.8%200995200846.0%200819HENRY FORD HEALTH SYSTEM• 2009 / 2010 Report