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.
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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