2019 MaineHealth Annual Report

2019 Annual Report Richard Petersen  William Caron
MaineHealth President Rich Petersen (l) and CEO Bill Caron (r)

About the MaineHealth Annual Report 

MaineHealth’s longstanding commitment to improving the health and well-being of our communities entered a new era on January 1, 2019, when our Maine-based hospitals unified under a single organizational structure. It has indeed been a remarkable year.

We have leveraged the advantages of our unified health system to make significant investments in our people, programs and infrastructure. Inside this Annual Report, you’ll learn how MaineHealth is evolving our models of care to enhance clinical excellence; collaborating with our communities to strengthen local health services; cultivating a skilled and engaged workforce; and building new partnerships to improve access and reduce cost.

Our Board and senior leaders devoted many hours developing the MaineHealth 2020-2022 Strategic Plan, which charts our health system’s course over the next three years. Our four core strategic goals – namely, enhancing patient experience, improving care team well-being, improving population health, and making care more affordable – are driven by our shared mission, vision and values. This strategic plan provides a framework for the actions we will take to navigate the opportunities and challenges presented by the rapidly changing health care landscape.

In the year ahead MaineHealth will maintain our focus on patient care quality, value and experience. We will address the public health challenges of our time, such as opioid use disorder, diabetes, and food insecurity in our communities. We will continue to innovate our clinical models and to build out our technology infrastructure to transform the way we provide care. And we will continue to forge partnerships that support outstanding and accessible health care for our patients, families and communities.

We are one health system, working together so our communities are the healthiest in America.

William L. Caron, Jr
Chief Executive Officer, MaineHealth 
Richard W. Petersen
President, MaineHealth

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Investing in Our Communities

In keeping with our vision and mission, MaineHealth offers a wide range of community programs focused on disease management, prevention and population health — free of charge — and no one is ever denied care because of inability to pay.

This number reflects all of the programs and services our health system provides without reimbursement, including uncompensated care, professional education and training, community health services and support, and research.

Our nationally recognized Access to Care programs have helped tens of thousands of uninsured and under-insured people get access to comprehensive, affordable health care services.

CarePartners
Helps people who don't qualify for public or private health care coverage programs get the health care they need.
MedAccess
Helps patients and health care providers find free or low-cost prescription drug options.
Coverage Team
Helps to educate and enroll people through Health Insurance Marketplace and MaineCare.

 

Access to Care FY18 Total Impact

2019 AR Access to Care Chart

 

MaineHealth and Subsidiaries Consolidated Statement of Operations

Year Ended September 30, 2018   ($ in thousands)
2018
Funds Received   
  • Amounts charged for patient services
   4,805,859
  • Less portion not received due to Medicare, Medicaid and private insurance reimbursement rates
    paid at amounts less than charged  
   (2,216,525)
  • Less portion of amounts charged not received due to lack of patient ability to pay  
   (169,692)
  • Less portion of amounts charged that were provided to patients as free care
   (106,612)
   
  • Net payments received from services provided to patients
   2,313,030
  • Gifts, earnings on investments and other non-patient revenue
   261,163
   
 Total Funds Received    2,574,193
     
 Funds Expended  
  • Salaries and benefits 
   1,544,905
  • Professional fees, purchased services, supplies and taxes
  605,847
  • Cost of facilities, depreciation, interest, other
   260,232
     
 Total Funds Expended    2,455,984
   
 Amounts Earned for Future Investments in Patient Care and Community Health Programs    $118,209
 

Source: Audited Financial Statements

   
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S&P Global Ratings affirmed MaineHealth's financial strength with an A+ rating in 2019. moodys investors service logo
Moody's Investor Service assigned MaineHealth a rating of A1 in 2019.