Study Sees Increasing Importance of Philanthropy in Health Care
A new report by Wilmington Trust, N.A., Trends in Healthcare Philanthropy and the Use of Separate Foundations, finds that philanthropy is taking on increasing importance as hospitals and health systems face daunting fiscal challenges and stagnant revenue. The report suggests that hospitals should create separate foundations as a “key strategy for enhancing and managing a successful fundraising plan,” and notes that community hospitals in particular may benefit from foundations. Seventy percent of the health care organizations studied had separate foundations to raise money. Citing statistics from Giving USA Foundation, the report said that overall giving was up 2.1% (inflation-adjusted) in 2010 to $290 billion compared to the prior year. Health-related organizations received an estimated 8% of charitable dollars, or $22.8 billion. Over the two-year period (cumulative 2008-2010, inflation adjusted), donations related to health increased 4.1% . According to the Association for Healthcare Philanthropy, hospitals and health systems raised more than $8.3 billion in 2010, an 8% increase from the prior year.