ALBANY, GA (WALB) – Phoebe Putney Hospital plans to spend $195 million to buy Palmyra Medical Center. It's a lot of money, but Phoebe seems well-positioned for the purchase.
To maintain its tax-exempt status, Phoebe must file a 990 Form with the IRS each year. They haven't filed yet for the 2009 fiscal year, but here's what their 2008 filing shows.
The Health System essentially made a profit that year of $10.1 million. It reported cash in non-interest bearing accounts of $4.5 million. In 2008 Phoebe had investments in publicly traded and other securities worth almost $224 million dollars and total assets of more than $297million dollars.
To pay for the purchase, Phoebe plans to liquidate some of those assets then take out a loan for nearly $100 million.
The IRS filings also show that Phoebe CEO Joel Wernick made more than $1.14 million dollars in 2008. Two physicians, Dr. Chirag Jani and Dr. Jose Tongol, are also listed as making more than one million dollars.