Embracing Change: Ascension Evolving to Meet the Needs of Our Communities

In an era of rapid transformation, Ascension is evolving to meet and outpace the demands of the ever-changing healthcare environment and meet the needs of our changing communities. Shifting patient expectations, evolving demographics, and increased competition have required us to stay nimble and versatile to sustain and enhance our Mission to serve all persons, with an emphasis on care for those who are poor and vulnerable.

One thing remains constant: Our dedication to providing quality care that improves the health of individuals and meets the needs of our communities. In 2023 alone, our ministry extended care through 16.4 million physician office and clinic visits, 3.1 million emergency room visits, 599,000 surgeries, 349,000 urgent care visits and 79,000 births.

This level of care is made possible by our dedicated team of 134,000 associates, along with 35,000 affiliated providers and 8,500 employed providers, all committed to delivering exceptional care and services. Rooted in our Catholic tradition, we strive to provide spiritually centered, holistic and personalized care, respecting the dignity and uniqueness of every individual.

Yet, like most health systems across the country, we have faced significant challenges, including lower patient volumes, cost increases, and labor shortages. These challenges have provided Ascension the opportunity to reimagine our ministry and affirm our Mission in a changing healthcare environment, especially as more communities seek care in non-traditional settings.

Ascension's vision is to become a more consolidated and integrated health ministry, focusing on meeting the shifting needs of our communities with special attention to those who are poor and vulnerable. To achieve this, we have transitioned some hospitals through divestitures and invested in acute and non-acute care services, including ambulatory surgery centers, physician practices, physical and occupational therapy, at-home and virtual care, imaging, and pharmacy. We believe these changes have strengthened Ascension and better positioned us to meet community needs while optimizing financial performance and strategic capital spending.

In the past 24 months, our strategic changes and economic improvement plans have strengthened our ministry. In May, we reported net income of $581 million for the fiscal third quarter ending March 31-a $1.3 billion turnaround from the same period last year. This significant improvement underscores our progress and sets a strong foundation for our health system's continued success. We look forward to building on this momentum and furthering our positive trajectory.

Portfolio reconfiguration decisions such as acquisitions, joint ventures or divestitures are made with the utmost seriousness. In recent divestitures, we recognized that other healthcare providers were better positioned to serve the community through a more integrated local network. Each divestiture is completed after thoughtful consideration, thorough due diligence, a values compatibility assessment and an ethics discernment process. Our goal is to ensure that the impacted community continues to have access to quality healthcare for years to come.

Acquisition and investment decisions are guided by our Mission and align with our long-term strategy. As we thoughtfully add hospitals, specialties or services to our portfolio, it is done with our patients' needs in mind. Acquisitions add value to the communities we serve by increasing access, expanding care offerings, saving costs and improving patient experience.

In line with our Mission, these strategic changes allow us to continue providing holistic and compassionate care across all stages of life. By focusing on more cost-effective and convenient care settings, we address current challenges and reinforce our dedication to serving our communities with the highest standards of care.

Ascension is actively expanding its capacity to serve with new and enhanced clinical offerings across our comprehensive network of access options. For example, in Indianapolis, an eight-story Women and Infants Hospital is set to open in late November and a Brain and Spine Hospital will open next summer. These facilities will significantly enhance our service capabilities in the region.

Our intentional growth and investments in markets where both need and opportunity align demonstrates our continued commitment to providing sustainable, quality healthcare access to improve the health of the communities we serve. This framework enables growth both today and in the future, ensuring that our ministry continues to fulfill our Mission.

Deeply rooted in the communities we serve, our patient-centered care and dedication to social responsibility and community well-being is central to our identity. Financial stewardship ensures the long-term sustainability of our health services, allowing us to invest in advanced medical technologies, modern facilities and innovative programs that enhance patient care and expand access to healthcare.

At Ascension, we are committed to evolving in a way that aligns with our Mission and long-term strategy, ensuring that we continue to meet the needs of our communities and provide exceptional care and services to all.

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