More than 500 people showed up last week at the eighth annual Non-Profit Health Care Investor Conference in New York to hear some of the wealthiest not-for-profit hospitals in the country discuss their Future Delivery System Design.
The unique, fast-paced, two-day conferenceat which in theory not-for-profit hospitals put their best foot forward, presenting their financials and other relevant information to an audience of bond investorshas blossomed into an exclusive event for selected hospitals to see and be seen. The event is sponsored by Citigroup, the Healthcare Financial Management Association and the American Hospital Association.
For me its an opportunity to hear high-level organizations in different operating environmentswhat strategies they are employing and identify those things we might utilize, said Mike Bernstein, senior vice president of Texas Health Resources in Arlington.
A total of 34 health systems representing approximately $40 billion in outstanding debt presented this year, according to Frederick Hessler, managing director of the healthcare group at Citi Markets & Banking. Hessler said the presenters are chosen in part based on who investors want to see and in part based on the size and strength of the health systems. Many of the presenters are among the top 50 health systems according to total amount of debt outstanding, he said.
Robert Issai, president and chief executive officer of Daughters of Charity Health System, Los Altos Hill, Calif., was presenting on the second day of the conference, but on the first day he was sitting in on a break-out session for Community Medical Centers in Fresno, Calif., to hear how a fellow California system was dealing with that states challenges, he said.
Learning from each other is what is going on, Issai said. The conference also provided a setting to present to a large audience of investors and credit rating agencies at a time when more and more systems are scheduling regular quarterly investor calls just as public corporations do. Daughters of Charitys presentation last week at the conference would replace its regular spring investors call, Issai said.