Credit.
Balance sheets, margins and payer exposure for hospital systems, nonprofit and for-profit, from the filings each one makes with CMS, the IRS and its state regulator. Tenant-level detail for healthcare REIT exposure.
Four questions a credit desk asks.
Latest Form 990 per organization: revenue, expenses, assets, liabilities, charity care and officer pay. Joined to the same system's cost reports on the facility number.
Medicaid days, charges and costs, bad debt and uncompensated care per hospital fiscal year, rolled up to the operator through the crosswalk.
California hospitals' quarterly revenue, expense, income and balance sheet, about four months after quarter end. Maryland monthly and four more quarterly states are next.
A leased hospital maps to both its REIT landlord and its operator in the crosswalk. Ownership changes, closures and quality penalties at each tenant facility arrive as dated events.