I finally figured out how to get a copy of the federally required Form 990 which non-profit hospitals are required to fill out one time a year. This has a wealth of information on finances and operations of these institutions.
You can find Form 990 of any non-profit hospital or foundation at http://www2.guidestar.org/.
The lastest one available is for the year ending June 30, 2009 labeled 2008. Unfortunately, these reports are 12 to 18 months old before becoming available to the public.
I plan to make some observations from this report from time to time on this blog.
I noted on page 2 of "Compensation Information" toward the end the salaries and compensation of the officers, directors, trustees, key employees, and highest compensated key employees. Those that stood out were the compensation--salaries, bonus, benefits--of the following employees: Dr. Nguyen--$1,071,181 up $304,427 the previous year; Dr. M. Smith $1,051,440 up from $340,427; CEO Gary Barnett $641,000 from $202,589. This was a year and a half ago and with the huge increases I wonder what they are compensated today in January 2011.
I am not saying these people are not worth what they are being paid. I am sure there are things I do not understand.
Perhaps someone would answer these questions: 1) Why these huge increases during a time of economic recession when many people are unemployed and struggling to pay ever increasing insurance, co-pays, and deductables? 2) When do the salaries of top employees of non-profit tax exempt institutions become excessive? 3) How are these huge salaries tied to the ultimate cost to the consumer where costs for healthcare are rising double to cost of living?
Could someone provide me with an explanation here? Am I missing something?
Dr. Don
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