Intermountain started in 1975; Assets include pharmacy company

KELOLAND.com Original

SIOUX FALLS, S.D. (KELO) — In their current names, Intermountain Health is older than its proposed new partner in Sanford Health.

The Utah-based nonprofit health care organization was established in 1975. The Church of Latter Day Saints (Mormon) donated its 15-hospital system to the communities they served. Intermountain was formed as a secular not-for-profit organization to administer those hospitals, according to the Intermountain website.

Sanford was established in 2007 when T. Denny Sanford donated $400 million to the health care organization. Sanford had donated more than $75 million from 2004 to 2006.

Sanford’s roots go back to 1894 with a hospital in the Seney House. It was known as the Sioux Falls Hospital until 1900 when it was named the Sioux Falls Lutheran Hospital. In 1926, it became Sioux Valley Hospital after a merger of the Sioux Falls Lutheran Hospital and Bethany Association.

Intermountain’s roots go back to the Deseret Hospital in Salt Lake City which was established on July 17, 1882, according Brigham Young University.

Intermountain had 41,700 employees in 2018 but it likely has added employees with the purchases of two health care systems in Idaho and Nevada.

Sanford is in 24 states with 48,000 employees, 46 hospitals, 1,500 providers and 366 Good Samaritan Society senior care and living centers.

The two organizations also have health care plans.

ntermountain’s plan, called Select Health, covers more people than the 884,659 South Dakota residents. Intermountain says it health care covers about 900,000 people.

Sanford Health’s insurance plan covers 210,000 people.

Various health care publications have cited Intermountain as a leader in health care innovations.

In 2019, its chief executive officer Dr. Marc Harrison was named one of the top 50 World’s Greatest Leaders by Fortune for his leadership in health care particularly with the establishment of the first nonprofit pharmaceutical company called Civica Rx. Intermountain and six partners formed the company that produces generic medicines.

Civica has secured 40 medications for our member hospitals, quickly approaching plans for 100 medications by 2023, according to its website.

To combat doctor burnout, Intermountain designed a model to shift clerical work from doctors to medical assistants, according to a Jan.20 story published by the American Medical Association. The system saw a 20% rise in the number of patients seen by doctors each day.

In a July 20 piece published in the Harvard Business Review, Harrison said health care entities were learning seven lessons during the pandemic. Among those were addressing health care costs by addressing factors such as stable housing, unemployment, access to health care and others as a means to protectively deal with people’s health as a way to deal with high health care costs. Another point cited by Harrison was to speed up innovation and to find more traditional and non-traditional partners.

Although Sanford has more employees and sites, which include long-term care facilities, than Intermountain does now, according to 2018 tax forms, Intermountain had more assets and revenue. The tax form shows Sanford had about 34,000 employees but this was before the partnership with Good Samaritan.

The IHS Services, Inc.’s (Intermountain) 2018 990 tax form available through ProPublica said the Intermountain system had $633,680,388 in revenue after expenses for that tax year. The organization had $11.1 billion in total assets and about $4.3 billion in liabilities for the net assets of $6,798,645,847.

Sanford, or the Sanford Group, had $110,037,042 in revenue after expenses, according to its 2018 990. Sanford had about $2.8 billion in total assets and about $1.4 billion in liabilities for $1,408,371,193 in net assets.

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