Oregon Public Broadcasting

The non-profit, St. Charles Health System made a healthy profit in 2009.  The Bend based company cleared $25 million. That’s after losing more than half a million dollars the year before. OPB’s David Nogueras reports.

St. Charles is the largest employer in Central Oregon. It operates hospitals in Bend, Redmond and Prineville. So the profit numbers are a good sign for anyone who works there. 

Patients at St. Charles, might be asking how a non-profit hospital manages to make 25 million bucks in a tough economy. The answer is by cutting costs and raising prices.

Karen Shepard is Chief Financial Officer at St. Charles.  She says those moves came after a dismal 2008 when the three hospitals filled fewer beds and treated more uninsured patients.

Karen Shepard: "So this 2009 number is really a turn around to get back to making enough money where we can invest back into the community and maintain our bond rating at the same time."

Shepard says getting back to an A1 bond rating is an ongoing challenge. To get there, she says the company will need more cash on hand and to demonstrate its financial stability to the bond rating agencies.