Providence Quick FactsProvidence Health & Services (PH&S) was created as a merger of Providence Health System (PHS) and Providence Services (PS) in 2006. The Oregon company is still called Providence Health System-Oregon.
Providence Health & Services includes 26 hospitals, more than 35 non-acute facilities, physician clinics, a health plan, a liberal arts university, a high school, approximately 45,000 employees and numerous other health, housing and educational services. The system office is located in Seattle, Washington.
- PH&S is the richest health care corporation in the West, with $3.9 billion in assets.
- PH&S currently has 26 hospitals in five states: Oregon, Washington, California, Alaska, and Montana.
- PH&S plans to spend $2 billion on construction and other capital investments between 2006 and 2008.
- Providence (PHS and PS combined) made $375 million in total profits, a rate of 6.6%. The national average for nonprofit health systems was 4.3%.
- PHS-Oregon (including all facilities and the health plan) made $198 million in total profits.
- PHS-Oregon hospitals had a total profit rate of 8.4%, while Legacy Health System's hospitals had a 6.0% rate, and the average (median) Oregon hospital had a rate of 5.3%.
- Providence Health Plan is the most profitable health insurer in Oregon, with a profit rate of 9.0%.
- Providence St. Vincent Medical Center made over $64 million in total profits, a rate of 10.9% — double the average for an Oregon hospital.
- Providence Portland Medical Center made over $29 million in total profits, a rate of 6.4%.
* All numbers are for 2005 unless otherwise noted. Total number of hospitals is current to January 2007