Overview
Providence is a not-for-profit, faith-based healthcare system headquartered in Renton, Washington. It operates a vast network of hospitals and clinics across seven states in the Western United States: Alaska, California, Montana, New Mexico, Oregon, Texas, and Washington. Aimed at combining advanced medical treatments with compassionate care, Providence serves its communities through 51 hospitals and 1,000 clinics, offering a range of services from primary care to specialty medical services and emergency care.
Key Metrics
- 122,000 caregivers
- 38,000 nurses
- 34,000 physicians
- $2.1 billion in community benefits
- 29 million total patient visits
Leadership
Leadership Team
- Rod Hochman, MD: President and CEO, recognized on Modern Healthcare's list of "50 Most Influential People in Healthcare". Transitioning to CEO emeritus on January 1, 2025.
- Greg Hoffman: Chief Financial Officer, oversees financial strategies with a focus on strategic planning.
- Erik G. Wexler: Current Chief Operating Officer, will succeed Rod Hochman as CEO, effective January 1, 2025.
- Hoda Asmar, MD, MBA: Chief Clinical Officer
- Joel Gilbertson: Chief Executive, Central Division
- Dougal Hewitt: Chief Mission and Sponsorship Officer
- Susan Huang, MD: Chief Executive, Providence Clinical Network
Financial Highlights
Providence has demonstrated substantial financial improvements:
- Achieved $176 million in net operating income in Q1 2024 with a 14% increase in operating revenue, totaling $7.8 billion year-over-year.
- Invested in healthcare initiatives and technology, including a $300 million venture fund focused on digital healthcare solutions.
Recent Developments
- Launched Praia Health, a new digital health company, supported by a $20 million investment.
- In 2022, raised $359 million through philanthropic efforts, a $28 million increase over the previous year.
Mission and Values
Providence is committed to its mission of extending God's healing love, especially to the poor and vulnerable. It emphasizes core values of compassion, dignity, justice, excellence, and integrity, advocating for health equity through community-centered healthcare initiatives.
Strategic Initiatives
Providence aims to transform healthcare delivery by enhancing the convenience, accessibility, and affordability of its services. The broader strategy includes improving health outcomes and promoting community welfare through strategic partnerships and innovative technologies.
Competitor Profiling
Providence Health & Services operates in a competitive healthcare environment. Here's a look at some of its main competitors:
Major Competitors
1. Stanford Health Care
- Specialties: Focuses on cancer care, cardiovascular medicine, neurosciences, and organ transplants.
- Scope: Part of Stanford Medicine in Palo Alto, California, serves approximately 1.2 million annual outpatient visits with over 18,000 staff.
- Innovation: Known for cutting-edge research and precision health initiatives.
2. Dignity Health
- Scale: Operates more than 400 care centers across 21 states with over 60,000 caregivers.
- Approach: Provides holistic care addressing physical, mental, and spiritual needs.
- Community Engagement: Involved in health improvement initiatives with significant contributions to community benefits.
3. Mayo Clinic
- Practice: Renowned for integrated healthcare, education, and research with locations in Minnesota, Florida, and Arizona.
- Advancements: Pioneering healthcare transformations through ongoing research.
- Global Outreach: Promotes health disparities elimination and diversity in research.
4. Kaiser Permanente
- Membership: Serves 12.5 million members via 40 hospitals and over 600 offices.
- Revenue: $101 billion annual operating revenue in 2023, indicating solid financial growth.
- Model: Emphasizes preventive care and efficient management through Permanente Medical Groups.
5. Catholic Health Initiatives (CHI)
- Network: Operates in 18 states with 100 hospitals, including academic and critical access facilities.
- Benefits: Provides over $1 billion in community benefits and financial assistance annually.
- Financials: Generates around $15 billion in operating revenues, highlighting its non-profit impact.
Understanding the capabilities and strategies of these competitors enables Providence to effectively leverage its strengths and address industry challenges.
