Three approaches to better disclosure

Spurred by growing investor demands, numerous nonprofit health systems are expanding investor relations efforts - not creating new departments like their for-profit counterparts, but working harder to account for themselves to the bond market. "The more sophisticated players realize (greater disclosure) is coming, and they figure they might as well do it and do a great job at it and get ahead of the wave," says Martin Arrick, director of Standard & Poor's health care group. Here are case studies of three that are pushing ahead in that much-watched area--reporting more often, keeping in closer contact with their audiences than before, and , in at least one case, posting financials on the Web.