Shriners Hospitals To Expand System Study

Jul 17, 2003, 01:00 ET from Shriners Hospitals for Children

    TAMPA, Fla., July 17 /PRNewswire/ -- Shriners Hospitals for Children have
 launched a multi-faceted plan to better understand and counteract the
 financial situation faced by the system of pediatric orthopaedic hospitals.
     It was announced today by Ralph W. Semb, newly elected Chairman of the
 Board of Trustees for Shriners Hospitals, that the study would be part of a
 comprehensive plan which would look at all aspects of the hospitals'
 operations, but with a focus on increasing funding.
     "We have retained the services of a leading independent investment
 advisor, to look closely at ways we can improve our investment return," said
 Semb. The Shriners Hospitals' endowment fund has taken a hit over the past
 three years, due to the economy. That, coupled with rising medical costs, has
 created a unique financial challenge for the system of hospitals, which is
 among the largest of its kind in North America.
     "In addition to an exhaustive study, and retention of an investment
 advisor, we are bringing in a consulting firm with expertise in the area of
 fund raising, whose task it will be to evaluate our procedures, and see what
 we can do to increase donations," said Burt Oien, Chairman of the Board of
 Directors for Shriners Hospitals. Oien went on to state, "Our plan is to have
 a report for the delegates at our 2004 convention, to be held in Denver, next
 July. The charge given to us by the convention delegates this year, however,
 was clear; find a way to operate more efficiently and raise more funds."
     "It is a daunting challenge," said Semb, "but our commitment to providing
 expert medical care to children remains steadfast, and we in no way want to
 sacrifice the quality of care we have become known for over the past 80
     For more information, contact: Mike Andrews, Corporate Director of Public
 Relations, Shriners International Headquarters 813-281-8162

SOURCE Shriners Hospitals for Children