Phoebe Putney is worth $589 million - WALB.com, Albany News, Weather, Sports

Phoebe Putney is worth $589 million

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By Christian Jennings - bio | email

ALBANY,  GA (WALB) – Phoebe Putney is raking in the money. The hospitals' assets totaled a whopping $589 million in 2010, up $145 million from the previous year.

Auditors went over Phoebe Putney's 2010 Fiscal year financial statements with the hospital's finance committee Wednesday morning.

The audit showed the hospital spent $113 million in the community benefit category on things such as health fairs and the school nurse program. It's money used to keep their non-profit tax exempt status.

The hospital also put $107 million toward charity patients and bad debts.

"Draffin and Tucker basically told us we had a successful year. The hospital met its budget and we did get a little return in the stock market, so we did get a little more money in investment portfolio this year, and produced a bottom line that allows us to continue to meet the mission of the hospital," said Phoebe C.O.O. Joe Austin.

The HCA-Palmyra Hospital acquisition will appear on the 2011 audit.

The Phoebe board is going over the audit right now.

We'll have more on WALB News 10 at 5 and on walb.com when it becomes available.


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