In 2005, New York hospitals had a collective "age of plant" of 15.4 years—the oldest in the United States, according to an analysis by Ingenix of Medicare cost-report data. As shown in the graph below, the national average age of plant was only 9.9 years. New York's hospitals have also aged at a faster rate than the national average. While the national average age of plant increased from 9.7 years in 2001 to 9.9 years in 2005, an increase of 2%, New York's age of plant increased from 12.1 years in 2001 to 15.4 years in 2005, an increase of 27%. New York's old age of plant is a reflection of its inability to finance capital improvements with equity instead of debt, which, in turn is a reflection of poor profitability. Ingenix also reported that New York hospitals have the lowest equity financing ratio in the nation and among the worst collective total margins.