Much of the financial growth at PeaceHealth seems to be because of a continuing drop in uncompensated care, which has been falling for years across the U.S. due to expanded insurance coverage under the Affordable Care Act. PeaceHealth’s small Cottage Grove hospital saw charity care drop 30 percent in 2014; its Peace Harbor Hospital reported a 33.3 percent drop; in Eugene, PeaceHealth hospital charity care fell 27.4 percent, and in Riverbend it was down 15 percent.
For a deeper look into the finances of this multi-state hospital chain, click here. For the fourth year, The Lund Report is digging deep into the finances of Oregon’s hospitals. We’re looking at how profitable they are and how many people they serve.
To look at the financial performance of PeaceHealth during 2014, click here
The multi-state hospital chain has also agreed to raise pay for cooks, cleaners and nursing assistants by 8 percent in a single year. But the hard-won union contract came only after the chain’s profits climbed by 58.4 percent.
PeaceHealth was founded more than a century ago by nuns, and has since grown to become a major force in Pacific Northwest healthcare, with a three-state network of clinics, labs and hospitals. The chain now operates ten hospitals in Oregon, Washington and Alaska.
Previously based in Bellevue, Wash., the nonprofit expanded into the Portland-metro area beginning in 2011, when it acquired Southwest Washington Medical Center and a few months later decided to move its headquarters to Vancouver, Wash.
Since then, the chain has continued to grow, largely by inking deals to manage public hospitals in Washington state. Because of its Catholic affiliation, some communities have raised concerns that patients in PeaceHealth-served communities may not have access to certain forms of reproductive and end-of-life care.
Courtney Sherwood covers money, data and public records for The Lund Report. Reach her at [email protected], or follow her on Twitter at @csherwood.
