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What is a nonprofit hospital?
A nonprofit hospital, also referred to as a charitable hospital, is a medical facility that exists as a tax-exempt organization. This means a nonprofit hospital is not required by the government to pay taxes on its property or any earned income.
Nonprofit hospitals are also known as charitable hospitals because they seek to provide specific towns, cities, or regions with community benefits. Their tax-exempt status comes with the expectation that they use their funding and resources to make significant improvements in the health and overall well-being of the communities they serve.
Nonprofit hospitals must meet certain requirements to keep their tax-exempt status, including:
Providing a considerable amount of charitable medical care to individuals that are either uninsured or underinsured
Having strong engagement in community health/medical improvement activities
Using all funds, resources, and budgets in a financially responsible way
A nonprofit hospital is overseen by a board of directors that manages the operations and is tasked with ensuring the hospital follows the above requirements. The board also makes sure the organization adheres to its charitable mission and goals.
Even though nonprofit hospitals do not have to pay taxes, they must still generate income via medical services and patient care. This revenue is then used to support the operations of the hospital, pay compensation to doctors and other medical staff, and to also invest in medical and technological improvements for the hospital.
Unlike for-profit hospitals, nonprofit hospitals must use any revenue that is generated to reinvest in the hospital or donate to medical charities. The income is not divided among shareholders or owners.
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