Louisville, KY-based Norton Healthcare profits drop 7%

Louisville Courier-Journal, July 18, 2008

Income from patient services at Louisville, KY-based Norton Healthcare fell more than 55% last year from 2006, but strong gains from investments offset much of that drop to leave operating profit just 7% lower. Norton's operating profit totaled $79.6 million, down from a record high in 2006. While Norton earned $22.5 million from patient services, it treated 13% more people on Medicaid and saw fewer customers with commercial insurance plans. Patient care at Norton is expected to be profitable this year, but Chief Executive Officer Steve Williams said the nonprofit's investment portfolio is expected to lose $10 million because of the economy and struggling stock market.