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Phoebe IRS 990 Filing Shows Strong Financials

Albany, Ga. – During a meeting Thursday, the Phoebe Putney Memorial Hospital Board of Directors approved the Internal Revenue Service (IRS) Form 990 for the hospital covering the 2016 tax year.  As a not-for-profit hospital, Phoebe is required to file the form each year to give the government and the public insight into its finances and benefits to the community.

The filing shows Phoebe’s total revenue was $521,230,941, an increase of nearly $5.6M over the previous year.  The hospital’s total assets increased by 1.6% while total liabilities decreased by 3.9%, resulting in net assets of $121,675,127.

“At a time when many hospitals are facing financial crises due to lack of Medicaid expansion, significant drug cost increases and statewide nursing shortages, Phoebe continues to maintain a strong balance sheet which allows us to retain excellent credit ratings,” said Phoebe Chief Financial Officer Brian Church.  “Phoebe Board members closely watch our finances to ensure we can continue our mission for years to come.  They require our leadership team to operate the hospital wisely and have done so for generations.”

The IRS 990 filing shows that in 2017, Phoebe Putney Memorial Hospital provided $60M worth of charity and indigent care to more than 9,000 patients.  The hospital also provided $5M in community benefit through programs such as Network of Trust, free community health fairs, indigent drug pharmacy, Southwest Georgia Cancer Coalition, Southwest Georgia Council on Aging, Horizons Community Health Solutions, health screening events, education of nurses and other health professionals and support of other community organizations that improve the health and welfare of citizens.

The community benefit report, prepared in accordance with the community benefit reporting guidelines established by Catholic Health Association and VHA, shows a total community benefit of $274,098,471.  That number includes unreimbursed cost of Medicaid and Medicare services.

“Since 1911, Phoebe’s mission has been to serve southwest Georgians in need of medical care, regardless of their ability to pay,” Church said.  “We remain committed to that mission and to leading and supporting innovative efforts to improve the health and wellness of people in our region.”