Philanthropy En d e av o r sPhilanthropy (continued)$5.1 Million Kane Estate GiftIn her will, Victoria V. Kane gave <strong>Henry</strong> <strong>Ford</strong> MacombHospitals more than $5 million in honor of her latehusband John, who was <strong>the</strong> first ophthalmologist inMacomb County. The gift is believed to be <strong>the</strong> largestcharitable donation to a nonprofit organization in <strong>the</strong>history of Macomb County. The funds will establisha retinal surgery program at <strong>the</strong> <strong>Henry</strong> <strong>Ford</strong> MacombHospital - Clinton Township. Phase I of <strong>the</strong> programwill renovate and outfit two surgery and endoscopyoperating suites with state-of-<strong>the</strong>-art, retinalsurgery equipment. Phase II will benefit <strong>Henry</strong> <strong>Ford</strong>OptimEyes at Lakeside by expanding and equippingit <strong>for</strong> additional medical capacity, and Phase III willinvolve <strong>the</strong> exploration of a low-vision clinic or asimilar facility. Half of <strong>the</strong> funds was deposited intoan endowment, which will provide annual income tosupport <strong>the</strong> new programs.18 <strong>Henry</strong> <strong>Ford</strong> <strong>Health</strong> <strong>System</strong> • 2010 - 2011 <strong>System</strong> Report
Financial Per<strong>for</strong>mance2010 Financial Per<strong>for</strong>manceFor <strong>the</strong> eighth consecutiveyear, <strong>Henry</strong> <strong>Ford</strong> <strong>Health</strong><strong>System</strong> experienced positiverevenue <strong>growth</strong> and netincome in 2010.The <strong>System</strong> reported totalrevenues of $4.08 billion in2010, an increase of$115 million over 2009. <strong>Henry</strong><strong>Ford</strong> <strong>Health</strong> <strong>System</strong> reported$61.9 million net income fromconsolidated operations <strong>for</strong>2010 as compared to$32.1 million in 2009.The financial <strong>growth</strong> of <strong>the</strong><strong>System</strong> continued in 2010despite continued <strong>economic</strong>challenges in Michigan lastyear. <strong>Henry</strong> <strong>Ford</strong> <strong>Health</strong><strong>System</strong> increased hospitaladmissions 2.3% from 2009to 2010.The <strong>System</strong> providednearly $200 million inuncompensated medicalcare costs, an increase of15 percent from 2009.CONSOLIDATED BALANCE SHEETSDecember 31, 2010 and 2009(In Thousands)December December2010 2009ASSETSCURRENT ASSETS:Cash and cash equivalents $ 369,553 $ 339,972Short-term investments 8,914 142,258Patient care receivables 153,910 118,914<strong>Health</strong> care premium receivables 32,865 22,536O<strong>the</strong>r current assets 200,152 210,623Total Current Assets 765,394 834,303LONG-TERM INVESTMENTS 333,427 156,604ASSETS LIMITED AS TO USE 857,801 788,328JOINT VENTURES & OTHER ASSETS 25,110 25,581PROPERTY, PLANT AND EQUIPMENT 1,213,327 1,233,470TOTAL $ 3,195,059 $ 3,038,286LIABILITIES AND NET ASSETSCURRENT LIABILITIES $ 501,627 $ 479,145LONG TERM DEBT 841,482 849,578OTHER LONG TERM LIABILITIES 458,375 486,102NET ASSETS 1,393,575 1,223,461TOTAL $ 3,195,059 $ 3,038,286Days Cash on HandDebt to Capitalization Ratio109201041.5%2010101200945.1%2009(continued)<strong>Henry</strong> <strong>Ford</strong> <strong>Health</strong> <strong>System</strong> • 2010 - 2011 <strong>System</strong> Report 19