This is from Chris Rauber at the San Francisco Times:
... Kaiser netted $2.7 billion in profits last year on $53.1 billion in operating revenue, with both figures topping 2012's results.
Net income for 2013 was 3.8 percent higher than the prior year, while operating revenue jumped nearly 6 percent, according to results released Feb. 14 by the Oakland-based health care giant.
Operating income last year was $1.8 billion or 3.4 percent, the same amount percentage-wise as 2012's $1.7 billion.
Kaiser's results included a loss of $119 million due to discontinued operations in Ohio. Investment income was virtually the same as in 2012: Kaiser netted $1 billion on investments last year, compared to about $922 million the prior year.
Kaiser’s hospital and health plan operations are nonprofit; its for-profit Permanente Medical Group does not disclose financial results.
Even though it's a nonprofit, Kaiser officials maintain, the organization needs to generate plenty of net income just to hold things together and pay for new construction, meeting California's tough hospital seismic standards and implementing new information technology.
Kaiser spent $3.3 billion last year alone on capital projects, opening two new hospitals and 14 new medical office buildings/clinics in 2013. And that was on top of 2012's $3.5 billion in capital costs. ...
