HMH Hospitals Corporation. Financial Statements As of and for the Years Ended September 30, 2017 and December 31, 2016 (UNAUDITED)

Transcription

1 Financial Statements As of and for the Years Ended September 30, 2017 and December 31, 2016 (UNAUDITED)

2 Index September 30, 2017 Page(s) Balance Sheets Statements of Changes in Net Assets....11

3 Balance Sheets September 30, 2017 Assets September 30, 2017 December 31, 2016 Current assets Cash and cash equivalents $ 465,684 $ 492,416 Assets limited as to use and short-term investments 58, ,889 Patient accounts receivable, less allowance for uncollectible accounts 338, ,012 Due from affiliates, net 51,215 45,757 Other current assets 126, ,604 Total current assets 1,040,662 1,918,678 Assets whose use is limited and investments, noncurrent portion 482, ,164 Property and equipment, net 1,793,823 1,686,990 Other assets 227, ,302 Due from affiliates, net 89,703 89,039 Total assets $ 3,634,285 $ 4,683,173 Liabilities and Net Assets Current liabilities Current maturities of long-term debt and capital lease obligations $ 5,276 $ 138,316 Accounts payable and accrued expenses 445, ,716 Due to affiliates, net 9,134 6,153 Other current liabilities 194, ,661 Total current liabilities 654, ,846 Long-term debt and capital lease obligations, less current maturities 34,493 1,164,523 Accrued pension liability 377, ,980 Other liabilities 352, ,008 Total liabilities 1,419,341 2,662,357 Net assets Unrestricted 2,130,342 1,937,690 Temporarily restricted 58,488 57,205 Permanently restricted 26,114 25,921 Total net assets 2,214,944 2,020,816 Total liabilities and net assets $ 3,634,285 $ 4,683,173 Page 1

4 Patient service revenue, net of contractual allowances and discounts $ 2,851,199 $ 2,706,247 Provision for bad debts 122, ,250 Net patient service revenue, less provision for bad debts 2,729,131 2,586,997 Other revenue 87,430 91,954 Net assets released from restriction used for operating activities 755 (273) Total operating revenues 2,817,316 2,678,678 Salaries and contracted labor 1,039, ,983 Physician salaries and fees 70,016 69,015 Employee benefits 237, ,431 Supplies and other expenses 1,139,627 1,070,063 Depreciation and amortization 111, ,254 Interest 46,552 46,075 Total operating expenses 2,644,166 2,488,821 Income from operations 173, ,857 Nonoperating revenues (losses) Investment income 105,936 62,730 Contribution income on acquisitions - 55,427 Unrealized loss on derivative instruments 1,176 (16,587) Loss on extinguishment of debt (29,844) (1,196) Other gains (losses), net 1,031 (685) Excess of revenue over expenses 251, ,546 Net assets released from restriction for capital acquisition 5,388 4,876 Equity transfers to affiliates (76,019) (58,779) Pension-related adjustments 11,818 (111,417) Other changes in unrestricted net assets 16 - Increase in unrestricted net assets $ 192,652 $ 124,226 Page 2

5 Hackensack University Medical Center Patient service revenue, net of contractual allowances and discounts $ 1,219,180 $ 1,144,760 Provision for bad debts 45,624 55,343 Net patient service revenue, less provision for bad debts 1,173,556 1,089,417 Other revenue 49,180 44,264 Net assets released from restriction used for operating activities (2,172) (1,300) Total operating revenues 1,220,564 1,132,381 Salaries and contracted labor 410, ,611 Physician salaries and fees 17,387 18,990 Employee benefits 92,756 83,357 Supplies and other expenses 534, ,429 Depreciation and amortization 50,897 49,807 Interest 19,141 20,196 Total operating expenses 1,124,587 1,057,390 Income from operations $ 95,977 $ 74,991 Page 3

6 Jersey Shore University Medical Center Patient service revenue, net of contractual allowances and discounts $ 581,825 $ 545,743 Provision for bad debts 20,850 12,695 Net patient service revenue, less provision for bad debts 560, ,048 Other revenue 17,707 22,940 Net assets released from restriction used for operating activities 1, Total operating revenues 580, ,657 Salaries and contracted labor 199, ,248 Physician salaries and fees 17,460 16,482 Employee benefits 46,440 45,852 Supplies and other expenses 238, ,570 Depreciation and amortization 21,560 19,866 Interest 14,148 14,469 Total operating expenses 537, ,487 Income from operations $ 42,327 $ 56,170 Page 4

7 Ocean Medical Center Patient service revenue, net of contractual allowances and discounts $ 247,286 $ 231,838 Provision for bad debts 8,741 8,520 Net patient service revenue, less provision for bad debts 238, ,318 Other revenue 5,967 6,397 Net assets released from restriction used for operating activities Total operating revenues 244, ,783 Salaries and contracted labor 93,491 88,688 Physician salaries and fees 4,007 3,767 Employee benefits 21,706 21,456 Supplies and other expenses 92,987 83,426 Depreciation and amortization 9,918 9,440 Interest 4,394 3,586 Total operating expenses 226, ,363 Income from operations $ 18,293 $ 19,420 Page 5

8 Riverview Medical Center Patient service revenue, net of contractual allowances and discounts $ 216,838 $ 204,164 Provision for bad debts 6,089 5,576 Net patient service revenue, less provision for bad debts 210, ,588 Other revenue 5,031 5,915 Net assets released from restriction used for operating activities 1, Total operating revenues 216, ,674 Salaries and contracted labor 83,129 78,686 Physician salaries and fees 6,261 5,251 Employee benefits 19,534 19,666 Supplies and other expenses 78,771 73,980 Depreciation and amortization 9,371 8,533 Interest 4,001 3,421 Total operating expenses 201, ,537 Income from operations $ 15,768 $ 15,137 Page 6

9 Raritan Bay Medical Center Patient service revenue, net of contractual allowances and discounts $ 187,867 $ 192,263 Provision for bad debts 14,173 13,178 Net patient service revenue, less provision for bad debts 173, ,085 Other revenue 3,793 3,934 Net assets released from restriction used for operating activities - - Total operating revenues 177, ,019 Salaries and contracted labor 86,077 78,535 Physician salaries and fees 11,358 11,286 Employee benefits 17,594 16,495 Supplies and other expenses 58,604 65,879 Depreciation and amortization 4,579 5,743 Interest 1,331 1,354 Total operating expenses 179, ,292 Income from operations $ (2,056) $ 3,727 Page 7

10 Palisades Medical Center Patient service revenue, net of contractual allowances and discounts $ 135,862 $ 137,280 Provision for bad debts 15,512 14,636 Net patient service revenue, less provision for bad debts 120, ,644 Other revenue 3,399 3,499 Net assets released from restriction used for operating activities - - Total operating revenues 123, ,143 Salaries and contracted labor 63,293 56,749 Physician salaries and fees 6,157 5,062 Employee benefits 14,471 18,098 Supplies and other expenses 37,747 39,330 Depreciation and amortization 5,388 5,504 Interest 1,224 1,468 Total operating expenses 128, ,211 Income from operations $ (4,531) $ (68) Page 8

11 Southern Ocean Medical Center Patient service revenue, net of contractual allowances and discounts $ 138,475 $ 134,610 Provision for bad debts 4,926 4,423 Net patient service revenue, less provision for bad debts 133, ,187 Other revenue 1,248 3,110 Net assets released from restriction used for operating activities Total operating revenues 134, ,347 Salaries and contracted labor 53,083 47,408 Physician salaries and fees 4,145 5,224 Employee benefits 12,338 12,122 Supplies and other expenses 55,952 49,434 Depreciation and amortization 5,434 4,981 Interest 1,582 1,022 Total operating expenses 132, ,191 Income from operations $ 2,368 $ 13,156 Page 9

12 Bayshore Medical Center Patient service revenue, net of contractual allowances and discounts $ 123,866 $ 115,589 Provision for bad debts 6,153 4,879 Net patient service revenue, less provision for bad debts 117, ,710 Other revenue 1,105 1,895 Net assets released from restriction used for operating activities Total operating revenues 118, ,674 Salaries and contracted labor 50,586 46,058 Physician salaries and fees 3,241 2,953 Employee benefits 12,310 12,385 Supplies and other expenses 42,622 39,015 Depreciation and amortization 4,453 4,380 Interest 1, Total operating expenses 114, ,671 Income from operations $ 4,522 $ 7,003 Page 10

13 Statements of Changes in Net Assets Nine Months Ended September 30, 2017 Temporarily Permanently Total Unrestricted Restricted Restricted Net Assets Balance at December 31, 2016 $ 1,937,690 $ 57,205 $ 25,921 $ 2,020,816 Excess of revenue over expenses 251, ,449 Increase in interest in affiliated fund raising organizations - 7, ,619 Net assets released from restriction for capital acquisition 5,388 (5,388) - - Net assets released from restriction used for operating activities - (755) - (755) Equity transfers to affiliates, net (76,019) (76,019) Pension-related adjustments 11, ,818 Other changes in unrestricted net assets Increase in net assets 192,652 1, ,128 Balance at September 30, 2017 $ 2,130,342 $ 58,488 $ 26,114 $ 2,214,944 Page 11