With the economy hitting the shoals, healthcare organizations may see a drop in charitable contributions, experts say. Giving has fallen across all sectors in four out of six recessions since 1967, according to the Association for Healthcare Philanthropy. And with the current economic conditions hitting the stock market so hard, charities may see falling donations into next year, according to a report from the group, which looked at a 40-year period.
This is particularly troubling given that historically, healthcare giving has risen slowly even in good times. Gifts to healthcare organizations grew at 2.3 percent during that period, a slower average yearly rate, after adjusting for inflation, than all donations. Between 1967 and 2007, healthcare giving increased 131 percent, but that was the smallest increase among nine charitable categories.
To learn more about this report:
- read this Modern Healthcare piece (reg. req.)