Annual Report to the Community
View our annual report as a Flipbook.
Concord Hospital exceeded its budgeted performance in 2012, despite an incredibly challenging economic environment. Attention to day-to-day management of expenses contributed to the strong financial performance. The Hospital's budget for 2013 anticipates financial performance similar to 2012. The organization's financial stability is a cornerstone of its ability to concentrate on its mission and commitment to improving the patient experience and the quality of care.
Factors that contributed to the Hospital's ability to outperform its 2012 budget include:
- Significant adjustments were made in 2010 when the Hospital was under-performing when compared to budget and those adjustments continue to help performance today;
- A one-time settlement payment from Medicare related to their miscalculation of payments over a multiyear period was received;
- A significant one-time settlement was received from an information technology vendor to offset the Hospital's investment in a product that was never fully developed or deployed;
- Two extraordinary philanthropic gifts were given to Concord Hospital Trust in 2012. One was a legacy gift of over $3,000,000, which has been designated by the Trust Board to the Community Service Fund, and another $700,000 gift supported operations for key community benefit programs and services.