The battle against COVID-19 presented tremendous financial challenges.

On March 11, 2020, the Governor of Colorado declared a disaster emergency followed by orders closing non-essential businesses, cessation of all elective health procedures, and requiring Coloradoans to stay home. This had a significant impact on patient revenues, as many clinical programs were restricted, patients were not allowed to travel or even leave their homes, and significant costs were incurred to provide the additional safety supplies and equipment required. 

Before March, National Jewish Health was on track for a record financial year. In fact, both net patient service revenue and clinic volumes were up more than 6 percent over the prior year. Total operating revenues were $9.7 million better than budget. The loss from operations was 23 percent better than expected and net development proceeds were more than $4 million over budget.

That all changed beginning in March as the effects of COVID-19 were felt. Over the next two months, monthly net patient service revenue dropped close to 40 percent while over $3 million in COVID-19 costs in our adaptive responses were incurred. In response, National Jewish Health worked to overcome the substantial financial impact with the creation of new molecular and antibody testing platforms, dedicated clinical programs for children and adults to diagnose and treat COVID-19 patients, development of innovative research initiatives and significant expense reductions.

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Financial Charts

IRS Form 990 (PDF)
"Return of Organization Exempt From Income Tax" for your records

2019 Community Health Needs Assessment and Implementation Strategy

2019 Annual Report (PDF)

2019 Statement of Activities (PDF)

Audited Financial Statement (PDF)

At the same time, our development team worked with our dedicated donors to help ensure that we could accomplish all of this while maintaining our commitment to the safety of our patients and staff.

In spite of all of the challenges, National Jewish Health ended the fiscal year in a position of financial strength. Total revenues increased more than 11 percent over prior year. Net assets increased by $12.3 million. Due to strong financial performance and receipt of advances from Medicare under the federal CARES act, cash on hand increased by $21.8 million.

In October 2019, we completed the financing for the new Center for Outpatient Health. Using a dedicated LLC, $72,050,000 of fixed-rate bonds were issued through the Colorado Health Facilities Authority. The bonds are guaranteed by SCL Health. The timing of the issuance was favorable with a 3.15 percent yield. Construction quickly began and remained on schedule and on budget in spite of the pandemic. We look forward to the grand opening in fall of 2021.

As we look to the future, we are cautiously optimistic we can continue to make progress in defeating the pandemic. With the new service lines we have established and other adaptations, we are in a position to meet new challenges as cases potentially increase in the fall and winter.

Though we will continue to experience challenges related to COVID-19, clinical programs are more than 90 percent of previous volumes in our return to care, and we are performing mass molecular testing for multiple states. We successfully competed for several multiyear grants and expanded our Health Initiatives portfolio.
We are all excited to see the Center for Outpatient Health become a reality and are confident that we will continue to play a key role as the leading respiratory hospital in the nation during this respiratory pandemic and beyond.

2020 Financial Report