Lown Institute Recognizes Hackensack Meridian Health as One of the Top Nonprofit Hospitals in Nation for Giving Back to Community
May 11, 2022
Hackensack Meridian Health, New Jersey’s largest and most comprehensive health care network, was recently recognized as one of the top 10 nonprofit health systems in the nation and the top nonprofit health system in New Jersey for giving back to the communities it serves in a report by the Lown Institute, a healthcare think tank. According to the Lown Institute Hospitals Index, Hackensack Meridian Health ranks sixth in the nation and first in New Jersey with a $74 million fair share surplus, meaning the health system spends more in charity care and community investments than the value of its tax exemption.
“Hackensack Meridian Health is committed to providing high-quality, compassionate care and being a leader of positive change by giving back to the communities we serve,” said Robert C. Garrett, FACHE, CEO of Hackensack Meridian Health. “From financial assistance to preventive health screenings, immunizations and accessible health care programs, Hackensack Meridian Health is leading the way in providing services for our patients, families and communities that build a healthier New Jersey.”
The Lown Institute Hospitals Index is the first ranking that assesses how much nonprofit hospitals give back to their communities compared to the tax benefits they receive. The report examined more than 1,800 hospitals across 275 nonprofit hospital systems and calculated “fair share spending” by comparing spending on charity care and community investment to the value of their tax exemption. Hospital tax filings from fiscal year 2019 were used to compile the data since it was the most recent data available for most hospitals.
According to Hackensack Meridian Health’s 2020 annual report, the health system devoted more than $660 million in community benefits, with spending on programs and services aimed at improving the health of communities across the state. Similarly, Hackensack Meridian Health’s 2019 annual report, which was the fiscal year the Lown Institute assessed, showed that the health system invested more than $525 million in creating a healthier community.
To learn more about the Lown Institute Hospitals Index, click here.