Voluntary Hospitals of America reported record net operating income of $59.5 million in 1993, 6.3% more than it earned in 1992.
The hospital alliance also said last week that it shortened its name to VHA Inc. and adopted "United to Improve America's Health" as its slogan.
Last year, VHA's 993 members saw returns of $351.2 million in cash, savings and other tangible benefits from their membership in the Irving, Texas-based alliance, it said. The alliance has 98 shareholders; all stockholders and members shared the returns.
The announcements were made last week at VHA's annual meeting in San Francisco. About 2,000 people attended.
"(The name) change is simple but important," said C. Thomas Smith, VHA's president and chief executive officer. "It enables us to move beyond the misunderstood concept of `voluntary' and the limiting word `hospitals.' We can communicate to new colleagues and partners in healthcare as a network broad enough to understand and meet their needs."
VHA said its revenues rose 12.1% to $123.3 million in 1993. VHA is structured as a cooperative, and its revenues stem from group-purchasing contract fees and membership assessments. Its members bought more than $4.9 billion in goods and services through VHA contracts in 1993, up 12.6% from $4.35 billion in 1992.
VHA members shared $113 million in cash distributions based on their 1993 participation, it said. That total includes $27 million in co-op cash payments, $15 million from redemptions of co-op stock, $58.3 million from manufacturer incentive programs, $8.8 million in cash distributed through VHA's 29 regional healthcare systems and $3 million from investment income.
In addition, the alliance calculates that its members received $238.2 million in other benefits, such as savings through VHA purchasing contracts.
Last week, it named five people to replace executives retiring from its 17-member board. The new board members are Fred Brown, president and CEO of BJC Health System, St. Louis; Patrick Hays, president and CEO of Sutter Health, Sacramento, Calif.; Stanley Hupfeld, president of Oklahoma Healthcare Corp., Oklahoma City; William Kreykes, president and CEO of Rhode Island Hospital, Providence; and Jack Stephens, president of Lakeland (Fla.) Regional Medical Center.