Board of Trustees Approves $826 Million Budget

This year, Shriners Hospitals for Children’s commitment to providing quality health care has a larger price tag. The 2008 budget of $826 million is an increase of $105 million over last year’s figure. The larger number is indicative of the continuing escalation of health care costs, the need to offer competitive salaries in order to attract and retain the best physicians, a commitment to having excellent facilities and the importance of implementing the latest, most effective medical and information technologies.

As has been true for 85 years, all treatment and services at Shriners Hospitals will be provided at no charge to patients or their families. This means that, in 2008, it will cost Shriners Hospitals for Children $2.26 million per day to provide the best medical care possible.

“Despite the expense, Shriners Hospitals for Children remains completely confident we will continue to provide the best possible medical care to children, at no cost, far into the future,” said Ralph Semb, Chairman of the Board of Trustees. “The 2008 budget reflects our total commitment to our mission of providing the highest quality care for our patients, providing educational opportunities for heath care professionals and conducting research to discover new knowledge to improve the quality of life for children around the world,” said Semb. “In 2008, this commitment will cost $26.19 every second of every minute of every hour throughout the year.”

$678 million of the budget is designated for the hospital operating budget, which includes patient care, teaching, administrative expenses, depreciation and the daily expenses for all 22 Shriners Hospitals. In addition, $44 million has been earmarked for medical research.

The budget for building and equipment expenditures has been increased to $104 million, representing a continued commitment to renovation and new construction, as well as electronic medical records and other technological improvements. Also included in the buildings and equipment category is approximately $1.94 million to continue efforts to make the hospitals more energy efficient, especially electrically. This year’s efforts will focus on the Cincinnati, Chicago, Canada and Shreveport Shriners Hospitals.