Hospitals can use philanthropy as revenue stream

Hospitals have a variety of options when it comes to beefing up their philanthropic efforts, Hospitals and Health Networks reported.

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Charitable giving from patients and their families can represent about half of all overall donations, and such a potential revenue stream may be overlooked in favor of other more traditional revenue centers, noted the article.

Therefore, hospitals should provide an excellent healthcare experience for patients and a culture that embraces philanthropy.

"Engaging grateful patients has become increasingly important to organizations seeking to attract 'the best' new donors to support long-term program growth," according to the article.

Some hospitals also believe a financially proactive status can help increase charitable contributions. For example, South Shore Hospital in Weymouth, Mass., makes voluntary contributions to the city's municipal services pegged to the facility's long-term growth, according to the Patriot-Ledger. As a result, this stimulates giving from local residents.

"The economic health of communities like Weymouth lies not in taxing charities, but in creating a vibrant economy that attracts businesses to invest in facilities and to create jobs for residents," South Shore President and CEO Richard Aubut wrote in the Patriot-Ledger.

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For more:
- read the Hospitals & Health Networks article
- check out the Patriot-Ledger op-ed

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