The Edward Foundation raises funds for Edward Hospital programs that make a difference in your health, mind and spirit. From treating cancer to detecting heart disease; from helping people overcome depression to bringing families together during difficult times, the Edward Foundation has raised more than 20 million dollars since 1987. The generosity of our donors is an essential part of Edward Hospital.
Thanks in part to unrestricted gifts last year, the Foundation was able to donate $2.5 million to Edward Hospital, including $1 million for the Hybrid Operating Room, $1 million to expand Linden Oaks, and $500,000 to provide Access to Care for struggling patients.
Unrestricted donations allow the Edward Foundation to help fund the hospital's immediate needs — those high priority services, technologies and facilities that greatly impact patients and staff. This year the Foundation is helping Edward fund the continue expansion of mental health services. Watch the video (right) to learn more about this growing community need.
Why We Need Your Support
With the changing landscape in healthcare, hospitals have to do more with less money. It costs $1.6 million per day to operate Edward Hospital ($584 million per year). Edward's revenues are about $600 million per year, leaving only $16 million to fund purchases of new equipment, make capital improvements, and undertake new projects.
Some level of cash reserves are necessary in case of a major catastrophe, such a natural or man-made disaster or further erosion of financial investments.
Financing major capital projects through borrowing creates a future debt-service burden and costs more than making capital improvements from current funds. Taking out a 30-year loan of $1 million today will cost over $2.1 million by the time it is paid back. Burdening the future with debt-service costs decreases the ability to address future capital needs without further borrowing.
With soaring costs of medical insurance and mounting job loss, more people are relying on public aid for their healthcare coverage. Not only do reimbursement rates fall far short of actual costs of caring for our patients' medical needs, but the State of Illinois is often late in paying reimbursements.
As a result of our successful fundraising efforts, the Edward Foundation was able to donate 2.5 million dollars to Edward hospital – the largest donation ever. The projects that benefitted from this donation are impactful, unique programs that make a real difference in the communities we serve. The Foundation is proud to support these initiatives which include:
Hybrid Operating Room - an upgrade of an existing cardiovascular operating room, allowing physicians to perform hybrid procedures including Transcatheter Aoric Valve Replacement (TAVI), a significant evolution in technology which benefits patients previously considered ineligible for surgical intervention.
Linden Oaks at Edward - an expansion of the inpatient building by 8,500 square feet to accommodate the growing need for behavioral health services, projected to significantly increase due to the new healthcare reform legislation.
Improved Access to Care - Edward is committed to providing community healthcare. Last fiscal year, Edward provided nearly $77 million in community benefit programs. Of that, more than $12 million was in the form of free services and charity care for individual patients. Fundraising by the Edward Foundation played a crucial factor in this support.
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