In 2004, Advocate reported $2.8 billion in annual revenues and $3.6 billion in total assets. (more)
 
Total Revenue
2002  $2,545,528,000
2003  $2,669,871,000
2004  $2,779,675,000
Excess Revenue
2003  $123,616,000
2004  $143,611,000

TOTAL EXCESS REVENUE (“Total Profits”) from 1995 through 2004: $883,225,000

CURRENT CASH RESERVES: $144,803,000 (this equates to 194 Days Cash on Hand) (as of March 31, 2005)

NET ASSETS:
$1,840,802,000
(as of March 31, 2005)

To view Advocate’s consolidated financial statements, years ended December 31, 2004, 2003, and 2002 click here

2003 form 990 click here.

 
Advocate Health Care Network was created in 1995 through the merger of two faith-based hospital systems. It is affiliated with both the Illinois Conference of the United Church of Christ and the Metropolitan Chicago Synod of the Evangelical Lutheran Church in America. The health ministries of both sponsoring denominations grew out of a Christian mission to respond to the needs of Chicago’s poorest and most vulnerable residents.

Advocate, a nonprofit organization, operates eight acute care hospitals. Four can be categorized as "mission hospitals" serving communities with unmet health care needs. Four can be categorized as “profit centers” serving a more affluent population with better access to health care.

While hospitals are its primary enterprise, Advocate Health Care is a large, complex corporation with many for-profit and non profit subsidiaries. In 2004, Advocate reported $2.8 billion in annual revenues and $3.6 billion in total assets. Posting nearly $144 million in “profits” in 2004, Advocate regularly has enough cash on hand to fully operate roughly 200 days without taking in any revenue. Among its for-profit enterprises is at least one offshore corporation, a for-profit insurance company headquartered in the Cayman Islands.

As the area’s largest private provider of health care and second largest private employer, Advocate Health Care has the opportunity—and the obligation—to set the highest standard in how patients, communities, and workers are treated.

Unfortunately, Advocate is putting the financial bottom line ahead of the needs of its caregivers and of those its mission supposedly serves.

  Since Jim Skogsbergh became President and CEO of Advocate Health Care in 2002, Advocate has asked for approval the state’s approval to make major changes to services at itshospitals located in the City of Chicago only twice ($2,862,000).

On the other hand, since 2002 with Skogsbergh at the helm, Advocate has repeatedly sought permission to make major investments in the suburbs ($705,478,000). (more)

To read more about Advocate’s disparate investment between its urban and suburban hospitals click here.
 
 
How much is too much?
Jim Skogsbergh, President and CEO of Advocate Health caren, Compensation of top executives at Advocate Health and Hospitals Corporation based on latest filings with IRS (2003). (more)
 
 
Charity Care - as reported to the Attorney General.
2002  $13,445,000
 estimated cost
2003  $18,367,700
 estimated cost
2004  $20,267,000

Note: 2004 is the first year that Advocate has been required to report charity care to the Attorney General in accordance with a uniform definition established by the Illinois Community Benefits Act.
  Advocate reported spending $20.3 million on charity care in 2004. While that may sound like a lot, it is less than 1% of Advocate’s net patient revenue. (more)
 
 
 

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