As a not-for-profit healthcare organization, Tanner Health System operates for the good of the communities we serve. Instead of dispersing earnings to shareholders, we reinvest any profits into improving care for communities in west Georgia and east Alabama.
From expanded facilities and new technology to free screenings and our extensive community health programs, these investments take many forms. Yet, none of them would be possible without our health system’s solid financial foundation.
That foundation has been established through years of careful planning, strategic investment and financial discipline. Under the leadership of our all-volunteer Board of Directors and our executive team, we have built a strong balance sheet that makes it possible for us to reinvest in our community.
Through the past 25 years, our organization has achieved the following financial milestones:
Strong (Aa2) Bond Ratings: Like many not-for-profit hospitals, Tanner occasionally finances new facilities and other projects through municipal bonds. Our strong financial performance and ability to repay principal and interest in a timely fashion have earned Tanner high bond ratings. This means we can secure lower interest rates to finance future growth, which frees up funds for continued reinvestment in community needs.
Increased Physical Plant and Equipment Value: A health system’s ability to maintain modern and up-to- date facilities is considered a key indicator of financial health. Thanks to consistent reinvestment in our facilities and technology, the value of our physical plant and equipment has risen from $30 million to $335 million over the past 25 years. Examples of these investments include:
- Tanner Medical Center/Carrollton has undergone consistent expansion, including the addition of a state-of-the-art Heart & Vascular Center and level III neonatal intensive care unit, and the expansion and renovation of existing services including its emergency department, surgical services unit, cancer center and maternity center. The hospital has also invested in significant technology upgrades, including the establishment of our robotic-assisted surgical program and the Epic electronic medical record.
- Tanner Medical Center/Villa Rica opened as a brand-new hospital in 2003 and has continued to grow, with the addition of cardiac angioplasty and stenting services, an accredited chest pain center and a da Vinci surgical robot. In 2018, the hospital completed a major expansion with a new emergency department and new surgical services unit.
- Higgins General Hospital in Bremen opened a new surgical services center in 2018, continuing Tanner’s commitment to expanding medical care in Haralson County.
- Tanner Medical Center/East Alabama opened as a replacement hospital for Wedowee Hospital in 2017, offering the community access to a 15-bed inpatient unit, 24-hour emergency care, a state-of-the-art surgical center, advanced diagnostic imaging capabilities and more.
- Willowbrooke at Tanner opened in 2009, becoming the first inpatient behavioral health facility built in more than 20 years. Since then, the hospital has completed a 30-bed expansion and Georgia in added numerous programs, including Regain at Willowbrooke, which treats working professionals struggling with substance abuse.
- Opening in the fall of 2019, the Tanner Health Pavilion on Dixie Street in Carrollton, a new medical mall, will house an outpatient diagnostic imaging center, featuring digital X-ray services, ultrasound and magnetic resonance imaging (MRI) services, Tanner Healthcare for Women, Tanner Healthcare for Children, a new mammography center and offices for Tanner Medical Group’s Comprehensive Breast Care Center, which specializes in the surgical treatment of breast cancer. An outpatient lab and outpatient pharmacy also will be available in the facility.
This level of growth and success simply would not be possible without our strong financial foundation. We are pleased to share our audited financial statements for the years ended June 30, 2018.
We have no going concern statements about the hospital or affiliated entities to report.