2004 Leadership and Financial Report
Dear Friends:
Fiscal year 2004 was an important milestone for Cincinnati Children's in many ways. The operational success we are having in pursuit of our vision to become the world's leader in improving child health was closely paralleled by a strong financial performance. This supports our fundamental belief that there is an outstanding business case for quality in health care. Improved quality will lead to improved medical outcomes and also to lower costs and fiscal stability.
In previous annual reports, I have talked about our financial results in terms of a journey. The early part of the journey was marked by a need to leverage our balance sheet strength to provide the capital for intensive investment in our physical plant and intellectual resources. As a result of our investments, we have substantially increased our facilities and our staffing and have expanded our clinical and research programs. Our added capacity gave us the ability to meet the substantial increase in demand for services we experienced during the fiscal year.
Clearly additional investment is needed to ensure that we are meeting all the needs of our patients and families as well as the growing number of health professionals in the US and around the world who refer their patients to us. Our ability to continue to invest depends on ongoing financial stability rooted in outstanding outcomes, lower costs and innovation that is led by enlightened research.
We feel we are well positioned to meet these challenges. Fueled by strong growth in revenues and sustained improvements in productivity and operational efficiency, we have assembled a solid balance sheet and a strong credit rating, and have continuously improved our operating margins over the past five years. This sound base will allow us to continue to invest in improvement, maintain and expand our commitment to the economically disadvantaged and underserved, and to stay on the pace that our vision demands.
Scott J. Hamlin
Senior Vice President, Finance, and Chief Financial Officer
You can download the 2004 Cincinnati Children's Leadership List and Financial Report in portable document format (.pdf).
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