Hospitals typically make their financial statements available to the public through an official website or through an investor relations department. Several states require hospitals to file their audited financial statements annually, according to the Indiana State Department of Health and the IRS.Continue Reading
Tax-exempt hospitals are also required to file their audited financial reports along with a detailed Form 990 ? the IRS form titled "Return of Organization Exempt From Income Tax" ? with the IRS in compliance with the Affordable Care Act, according to the IRS and the U.S. Federal Register. Such organizations are also required to make such filing information available to the IRS and the general public through a Web page, as indicated by Federal Register guidelines.
The state of Oregon requires all hospitals to make their audited financial reports and the Oregon Hospital Financial Report (Form FR-3) available to the public and to ensure that these reports are filed with Oregon Health Authority. These reports must include information about the hospital's revenue, expenditure, net profit or loss position, and free medical care provided to patients, according to the state government of Oregon website. Annual audited financial statements are usually audited by an independent audit firm in compliance with generally accepted accounting principles, or GAAP, in the United States, according to HCPro.Learn more about Accounting