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Nonprofit Hospital Investments At $300 Billion In 2023 With Rising Complexity, Volatility
Cal Chengqi Fang1, Joseph Dov Bruch2
1Cal Chengqi Fang, University of Chicago, Chicago, Illinois.
None:
Using Internal Revenue Service tax return data for 2,366 nonprofit hospitals from the period 2010-23, we examined trends in securities holdings, investment management fees, and investment income volatility. Total securities holdings increased 57 percent to $296 billion, with other securities investments more than doubling. Investment income fluctuated sharply, whereas net patient revenue growth remained near zero, highlighting increasing financial market exposure among nonprofit hospitals.
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