Fletcher Allen Obligated Group

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1 Fletcher ~~~~~RE ~ In alliance with ~ The University of Vermont ~ =;central Vermont -... if Medical Center Central to Your Well Being Fletcher Allen Obligated Group Fletcher Allen Health Care, Inc. Central Vermont Medical Center Bond Disclosure Report Fiscal Year 2014 Hospital Results, Financial Statements and Key Ratios For the Period Ended March 31, 2014

2 Fletcher ~~~~~RE ~ In alliance with ~ The University of Vermont,;:. ~ Central Vermont "= ~ Medical Center Central to Your Well Being Fletcher Allen Obligated Group Fletcher Allen Health Care, Inc. Central Vermont Medical Center Bond Disclosure Report Fiscal Year 2014 Financial Narrative For the Period Ended March 31, 20 14

3 FLETCHER ALLEN HEALTH CARE INC. FINANCIAL RESULTS ANALYSIS MARCH 31, 2014 Hospital: Month to date operating margin at $12.3M was favorable to budget by $7.2M, driven primarily by $6.9M of one-time, significant transactions from prior years. Inpatient volumes were below budget for the month by (12.3%). Medicine volumes were down (170) or (18.8%), and surgical volumes were down (23) or (4.7%). Year to date inpatient volumes were below budget by (11.2%) across all service lines. March's CMI of 1.67 was below February's final CMI of 1.75, with lower acuity experienced in all the service lines except for Womens and Rehab. Average length of stay was 6.42 for the month, unfavorable to budget by (19.5%). While the implementation of the two midnight rule has resulted in proportional increases in observation cases, the number of LOS outliers has increased (up 22% for the first four months of FY14). Further analysis into these trends continues. Outpatient volumes were mixed for the month, while year to date volumes remained fairly strong. Ultrasound and ED performance continued to trail budget, while favorable EP volume was driven by the shift of unbudgeted cardioversions from the OR to EP and a shift from inpatient to outpatient. Total unrestricted revenues were over budget by 4.1% for the month due to the receipt of the enhanced GME revenues. Year to date, total unrestricted revenues were below budget by (0.1 %), driven by lower inpatient volumes and lower than budgeted outpatient pharmacy revenues due to 340B contract revenue. The overall expense variance was favorable by 8.2% for the month due to the reversal of prior year accruals of $5.8M, partially offset by unfavorable other expenses. Year to date, expenses were favorable by 2.5% for the previously stated reasons. Medical Group: In accordance with the physician compensation plan, the margin of the Medical Group was reported at break-even. Month to date net patient service revenue was favorable to budget by $2.6M or 11.2%, driven by the receipt of the quarterly enhanced GME Medicaid revenues, partially offset by lower than expected revenues due to lower volumes. Worked RVUs were below the FY14 budget by (8.8%) for the month and (3.6%) year to date. Total unrestricted revenues were 14.5% above budget for the month (driven by the enhanced GME revenues and the meaningful use dollars) but (1.7%) below budget year to date. Expenses were unfavorable to budget by (14.5%) for the month, driven by UVM academic support payments and UMEA commitments. Expenses year to date were favorable to budget by 1.7%. FAHC Non-Operating Revenue: The non-operating gain of$1.7m was driven primarily by investment income of$725k, interest from resident FICA refunds of$575k, and an unrealized gain on the interest rate swap of$242k. Year to date, the non-operating gain of $5.0M was driven by realized investment income of $4.1M, interest from resident FICA refunds of $575K, and contributions of $528K, partially

4 offset by non-operating expenses of ($253K). Year to date, net unrealized gains on investments were $13.0M. Operational Metrics: Days cash on hand at the end of March was 187 days, four days higher than February. Operating margin year to date was 4.57% against the budget of 2.96%, the variance driven by the one-time, significant transactions from prior years. The table below displays the adjusted margin without the prior year adjustments. Recap of Operating Margin without Prior Year Transactions (in Millions) March 1014 Year- To-Date: March2014 Actual Budget Variance Actual Budget Variance Total FAHC Operating Margin $ 11,158 $ 5,014 $ 7,144 $ 23,591 $ 15,384 $ 8,207 Less: Prior Years Operating Margin Impacts $ (6,871) $ $ (6,872) $ I 6,871) $ $ I 6,8711 Adjusted FAHC Operating Margin less Prior Year Transactions $ 5,386 $ 5,014 $ 371 $ 16,719 $ 15,384 $ 1,335 Adjusted Operating Margin 5.61% 5.60% 3.24% 2.96%

5 Central Vermont Medical Center Financial Highlights Fiscal Year to Date March 31,2014 Operating Margin: CVMC's March operating margin of$292k was unfavorable to budget ($544K). Fiscal year to date (FYTD), CVMC has a positive operating margin of2.9% and a total increase in unrestricted net assets of$5.1m. March Performance Summary: In March, CVMC saw volumes across the board generally unfavorable to budget, and an overall unfavorable variance in revenue. CVMC continued to benefit from the 340b contract pharmacy program which contributed $454K to net revenue for the month. The investment markets held steady in March and have contributed $!.3M in unrestricted net assets for fiscal year to date. Year to date patient volumes have generally increased when compared to the same period in the prior year. The most significant increases are still related to patient visits at the practices and rehab services even though both ended the month under budget. Gross Revenue and Volume: CVMC gross revenue for March was unfavorable ($2.64M) to budget, and followed the trends we have seen FYTD. Inpatient services ended the month under budget ($853K), and outpatient services came up short again ($1.79M). Gross revenue compared to prior fiscal year to date has increased by $115M, or 8.4%. CVH: Gross Revenue: Gross revenue for March was unfavorable ($2.05M) to budget. Inpatient revenue was unfavorable ($778K) and Outpatient revenue was unfavorable ($1.67M). This was driven by volumes. Inpatient- significant variances: Outpatient- significant variances: Critical Care ($217K) Surgical Services ($645K) Pharmacy ($142K) Physical Therapy ($143K) Surgical Services ($85K) Nutrition/Diabetes ($143 K) 2 South $124K Pharmacy ($129K) Inpatient Volumes: Patient and observation equivalent days for March fell short of the budget (69 days or 4%). Med/Surg had 68 favorable days, but these were offset by unfavorable variances in Critical Care (78 days), IP Psych (34 days), and Women's & Children's (25 days). The strong Med/Surg variance is consistent with what we saw in the prior fiscal year, and have seen FYTD. Outpatient Volumes: Ancillary service volumes continued tracking below budget, ending March 7% below budget. The volume drivers and their respective percentages under budget were: Surgical Svcs (22%), Ambulatory Care (14%), Rehab (12%), Pharmacy ( 19% ). Though Ancillary services are under budget, they are up 2% over the prior year. MGP: MOP monthly visits for March were under budget (6%) or 1,363 visits. This negative variance is fairly consistent with the average we have seen in the first five months of the fiscal year. FYTD visits have increased by 17,901 visits or 4.2% over the prior year. Gross revenue was unfavorable ($549K) to budget. The primary negative variances consisted of the following practices: Women's Health ($115K) Central VT Primary Care ($112K) Cardiology ($1 03K)

6 Woodridge: Woodridge volumes in March were unfavorable 523 days or (12%) to budget. This unfavorable variance is larger than we have seen in the FYTD. Net revenue came in $75K under budget or (6%). The lack of volume was countered by the ongoing effort to properly bill patient charges from physical, occupational, and speech therapy. Woodridge volumes compared to prior fiscal year to date, have increased by 56 days, or 0.3%. Net Revenue: Net patient revenue for March (after bad debt) was unfavorable to budget ($1.03M). FYTD net patient revenue after bad debt is unfavorable to budget ($483K), and when compared to prior fiscal year to date has increased by $2.5M or 3.5%. Other Operating Revenue: Other operating revenue for March was favorable to budget by $99K. This was mostly driven by the receipt of meaningful use dollars. We had not accrued this revenue, and Oct '13-Mar '14 was recognized this month. The primary variances consisted of the following: Meaningful Use $177K Miscellaneous drug sales $60K CHT Funding $59K Operating Expenses: Total operating expenses for March were under budget for the month by $392K. The negative variance in salary of ($65K), was completely offset by positive variances in benefits and nonsalary of$383k and $49K respectively. The majority of the positive variance in benefits when compared to prior months comes from the re-evaluation of our selffunded health insurance. The accrual was reduced in March to better match actual expenses. With a positive variance of$49k, non salary expenses were 1.4% under budget, and in line with average Oct-Mar expenses. Non-salary expenses are over budget on a FYTD basis ($331 K). The majority of this variance has been caused by physician locums, nurse travelers, and unbudgeted consulting fees. CVMC is using locums to fill vacancies in Urology and Psych. Beginning in March, some members of our nursing staff were offered extra shifts to fill the vacancies which had been covered by travelers in prior months. The fiscal year 2014 non-salary expense budget has been reduced by $1.58M, to incorporate the projected savings generated by the Margin Improvement Strategies and the CD! improvements that are taking place during the year. Complementing this is a reduction in our FY'14 pension expense of approximately $633K due to accounting rule changes. Salary Expense - significant variances: Vacation/CTO expense ($63K) Flex-up Incentive (RVUs) ($45K) Aide Salaries ($27K) Professional Salaries $40K Non-Salary Expense- significant variances: ByEOC Other Contract Services ($52K) Physician Travelers ($34K) Strategic Initiative ($82K) Non-Operating Revenues and Expenses: By Dept Surgical Svcs Pharmacy Administration $88K $121K ($151K) Total non-operating revenue and expenses were unfavorable ($26K) for March. The primary driver was endowment investment income. Notable Balance Sheet Items: CVMC saw its net days in AIR hold steady at 38 days. CVMC continues to beat the target of 40 days. Days cash on hand grew from 123 to 127 days. This is a strong position and is 12 days better than the same period in FY13.

7 Fletcher ~~~~~RE ~ In alliance with ~ The University of Vermont ; ~ Central Vermont --=: f Medical Center Central to Your Well Being Fletcher Allen Obligated Group Fletcher Allen Health Care, Inc. Central Vermont Medical Center Bond Disclosure Report Fiscal Year 2014 Financial Statements and Key Ratios For the Period Ended March 31, 2014

8 FLETCHER ALLEN HEALTH CARE, INC. AND SUBSIDIARIES CONSOLIDATING BAlANCE SHEETS($ in OOO's) March 31, 2014 ASSETS Current Assets: Cash and Cash Equivalents Patient Accounts Receivable, Net Due from Related Parties Short Term Investments Inventory (at Lower of Cost or Market) Current portion of restricted assets Estimated Receivables from Third Party Payors Prepaids and Other Current Assets Total Current Assets Unaudited Total FAHC* CVMC FAOG $199,886 $8,525 $208,411 $119,976 $16,416 $136,392 so IS572) (S572) $1,976 so $1,976 $21,982 $2,627 $24,609 so so so $860 S43 S903 $12,682 $3,366 $16,048 $357,362 $30,405 $387,767 Assets whose use is limited or restricted: Board Designated Assets Funds Held by Trustee Restricted Assets Donor Restricted Assets for Specific Purposes Donor Restricted Assets for Permanent Endowment Total Assets Whose Use is Limited or restricted $279,272 $42,620 $321,892 $26,180 so $26,180 $754 so $754 $24,553 $7,766 $32,319 $27,231 $3,101 $30,332 $357,990 $53,487 $411,477 Property and Equipment, Net $411,906 $68,309 $480,215 Other Assets: Intangible Assets long Term Investments Notes & Other Receivables Swap Valuation Investment in Affiliated Companies Pledges Receivable (net) Total Other Assets $11,399 $0 $11,399 $5,066 $1,494 $6,560 $28,953 $0 $28,953 $357 $21 $378 $45,775 $1,515 $47,290 TOTAL ASSETS $1,173,033 $153,716 $1,326,749 LIABILITIES AND NET ASSETS Current liabilities: Current Installment of Long Term Debt Accounts Payable Accrued Expenses Income Tax Payable Accrued Payroll and Related Benefits Estimated Third Party Payor Settlements Due to Related Parties Est. Incurred but Unreported Medical Claims Total Current Liabilities $11,038 $3,319 $14,357 $15,668 $2,510 $18,178 $47,021 $3,713 $50,734 so $0 $0 $56,940 $8,571 $65,511 $13,587 $2,290 $15,877 ($5,395) $0 ($5,395) $14,729 $1,280 $16,009 $153,588 $21,683 $175,271 Long Term Debt, excluding current installments Reserve for outstanding losses on malpractice claims Pension and Other Postretirement Benefit Obligations Other Long-Term Liabilities Total liabilities $369,047 $19,560 $388,607 $16,715 $22,973 $39,688 $10,843 $779 $11,622 $550,193 $64,995 $615,188 Commitments and Contingent Liabilities Net Assets: Unrestricted Temporarily Restricted Permanently Restricted Retained Earnings Total Net Assets $569,227 $77,854 $647,081 $26,382 $7,766 $34,148 $27,231 $3,101 $30,332 $622,840 $88,721 $711,561 TOTAL LIABILITIES AND NET ASSETS $1,173,033 $153,716 $1,326,749 * FAHC is Fletcher Allen Health Care, Inc only and does not include any Fletcher Allen subsidiaries, as none of the subsidiaries are members oft he obligated group.

9 UNRESTRICTED REVENUE & OTHER SUPPORT FlETCHER AllEN HEALTH CARE, INC. AND SUBSIDIARIES CONSOliDATING STATEMENT OF OPERATIONS($ in OOO's) March 31, 2014 Unaudited Total FAHC* CVMC FAOG NET PATIENT SERVICE REVENUE Less: Provision for Bad Debt $489,029 $78,556 $567,585 {$16,339) ($2,948) ($19,287) Net Patient service revenue after provision for bad debts $472,690 $75,608 $548,298 Hospital enhanced Medicaid Graduate Medical Education revenue Professional enhanced Medicaid Graduate Medical Education revenue $5,708 $0 $5,708 $9,477 $0 $9,477 Premium Revenue and Payer Incentives OTHER REVENUE $7,147 $863 $8,010 $20,785 $3,902 $23,895 TOTAl UNRESTRICTED REVENUE & OTHER $515,807 $80,373 $595,388 EXPENSES: SALARY, PYRL TAXES & FRINGES SUPPLIES AND OTHER $305,374 $52,095 $357,790 $132,631 $15,986 $148,028 Purchased Services Depredation Interest Expense Provision for Bad Debt Underwriting Expenses Medical Claims TOTAL EXPENSES $21,104 $4,707 $25,287 $24,800 $4,663 $29,463 $8,218 $608 $8,826 $89 $0 $89 $492,216 $78,059 $569,483 NET INCOME (LOSS) FROM OPERATIONS $23,591 $2,314 $25,905 NON~OPERATING REVENUE (EXPENSES}: Investment Income & Losses on Investment Unreal Gain in Interest Rate Swap Contract Loss on Extinguishment of Debt Other TOTAL NONOPERATING REVENUE {EXPENSE) $4,684 $1,189 $5,873 {$39) $0 {$39) $373 $294 $667 $5,018 $1,483 $6,501 EXCESS (DEFICIENCY} of REVENUES OVER EXPENSES Net Unrealized Gain/(loss) on Investments Assets Released from Restrictions~ Capital Adjustment Asset Retirement Obligation Adjustment Minimum Pension Liability Transfer of Net Assets Equity Transfer Capital Contribution $12,965 $1,353 $14,318 $110 $0 $110 INCREASE/(DECREASE) UNRESTRICTED NET ASSETS $41,684 $5,150 $46,834 * FAHC is Fletcher Allen Health Care, Inc only and does not include any Fletcher Allen subsidiaries, as none of the subsidiaries are members of the obligated group.

10 Fletcher Allen Obligated Group For the Period Ended March 31,2014 liguidi~ Covenant- Day:s of O~erating Ex(!ense ($in OOO's) Unaudited FAHC CVMC FA Obligated Grou~ Cash and Cash Equivalents Board Designated Assets Total Cash Available Total Operating Expenses Depredation Adjusted Operating Expenses Days in Period Daily Operating Expenses!Days Cash on Hand Ratio Consultant Call: <90 days Event of Default <55 days $199,886 $279,272 $479,158 $492,216 ($24,800} $467, $2, days $8,525 $208,411 $42,620 $321,892 $51,145 $530,303 $78,059 $569,483 ($4,663) ($29,463) $73,396 $540, $403 $2, days 179 days Compliance: YES YES YES

11 Fletcher Allen Obligated Group For the Period Ended March 31, 2014 Covenant- Debt Service Coverage Ratio ($in OOO's) Unaudited FA Obligated Group Operating Income $23,591 $2,314 $25,905 Depreciation and Amortization Interest Income Available for Debt Service $24,800 $8,218 $61,666 $4,663 $608 $9,068 $29,463 $8,826 $70,734 Maximum Annual Debt Service {MADS) $14,925 $2,094 $16,825!Debt Service Coverage Ratio 4.13x 4.33x 4.20x Consultant Call: <1.35x Event of Default: <1.00x Compliance: YES YES YES 1 Represents "Investment Income & Losses on Investment" and "Other" (excludes unrealized gain/loss on swaps, and extinguishment of debt)

12 Fletcher Allen Obligated Group For the Period Ended March 31, 2014 Covenant- Total Debt to Ca(!italization Ratio ($in OOO's) Unaudited FAHC CVMC FA Obligated Grou~ Current Portion of Long Term Debt $11,038 $3,319 $14,357 Net Assets (Unrestricted)!Debt to Capitalization Ratio Consultant Call: >70% Event of Default > 75% $569, % $77,854 $647, % 38.38% Compliance: YES YES YES

13 Fletcher ~~~~~RE ~ In alliance with ~ The University of Vermont,:;. ~ Central Vermont %:: ~ Medical Center Central to Your Well Being Fletcher Allen Obligated Group Fletcher Allen Health Care, Inc. Central Vermont Medical Center Bond Disclosure Report Fiscal Year 2014 Statistical Information For the Period Ended March 31, 2014

14 .. ~Allen Health Care...,.. Xo'- O~ Report MR400- Total Volume Stats EiiiiiY: 1201 ":J. ltttle.afots g1eater lhan 5t't fm rl blt l> oteater than l~ DOt lut man 5~ fi'iorable b etwebn 2-r. fa'.<olable and -2W, unf~rabl e,. QJealer Chan 2" but Mtn INn 5 untmuabte " l)l~ilt_! tlli'!..:!~-uf!faw<orabte Current Month: March Year to Date: March Variance Prior Yr Variance Prior Yr Actual Budget Amount % Actual Variance Var% Statistic Actual Budget Amount % Actua.l Variance Var % -- 1,703 1,929 (226) % 1,924 (221) % Inpatient -Admissions 9,926 11,166 (1,240) % 1,693 1,929 (236) % 1,949 (256) % Inpatient - Discharges 9,957 11,166 (1,209) % - 11,116 (1,190) % 11,137 (1,180) % Patient Days 9,987 10,352 (365) -3.53% V' 10,372 (385) -3.71% Inpatient - Patient Days 58,406 59,930 (1,524) -2.54% V' 60,865 (2.459) -4.04%,_90,.37 (0,,3J -9.91%,.32 (0.58J % ALOS- Patient Days,.87,,37 (0.50J -9.29% '.47 (0.40J -7.33% " 2,623 2, %... 2, % Outpatient - Patient Days 15,860 14,589 1, %... 14,369 1, % 12, ,783 (173) -1.36% 12,731 (121) -0.95% Total - Patient Days 74,266 74,519 (253) -0.34% 75,234 (968) -1.29% 11,033 10, %... 10, % Inpatient - Discharge Days 59,110 59,930 (820) % 6 1,575 (2.465) -4.00% 6.52,.37 (1.15J % 5.18 (1.34J % ALOS- Discharge Days,.94,.37 (0.,7J % 5.,3 (0.41J -7.37% " " Case Mix Index (CurrenVYtd = Prior Mth % % All Cases % % % % All Cases Ex Normal Newborns % % % % Medicare Only % % 206, ,632 (19,905) -8.78% 202,685 4, % MG MD Worked RVUs (including Ane 1,238,460 1,285,193 (46,732) -3.64% V' 1,211,035 27, % 353, ,388 (40,559) % 357,157 (3,328) -093% MG MD Total RVUs (including Anes) 2,124,872 2,236,278 (111,406) -4.98% V' 2,120,294 4, % 125, ,056 (5,602) -4.27% V' , % MG Clinical Metric (Arv Vis/ RVUs /Pr 758, ,649 16, % ,513 41, % 34,226 31,087 3, %... 32,870 1, % Hospital Outpatient Billed Visits 200, ,031 14, % ,303 15, % 4,961 5,069 (108) -2.12% V' 4,990 (29) -058% ED Visits 29,393 30,241 (648) -2.80% V' 29, % Operating I Minor Rooms 1,337 1,444 (107) -7.38% 1,379 (42) -305% OR Cases 8,359 8,558 (199) -2.32% V' 8,560 (201) -2.35% 3,024 3,211 (187) -5.81% 3,175 (151) -4.74% OR Hours 18,578 18,929 (351) -1.85% 18,975 (397) -2.09% (OJ -1.69% % Hours Per OR Case (OJ -0.48% 2.22 (OJ -0.26% (26) -8.68% 316 (47) % Minor Cases 1,613 1,760 (147) -8.36% 1,856 (243) % % (26) -6.77% Minor Hours 2,090 2, % 2,255 (165) -7.32% (OJ % 1.21 (OJ -9.52% Hours Per Mmor Case (0) -9.90% 1.22 (OJ -6.65% Procedures (22) -6.10% 373 (28) % Cath Lab 2,029 2,160 (131) -6.09% 2,192 (163) -7.44% % 100 (9) -9.00% EP % % " 1,133 1, % % GI/Endoscopy 6,166 6, % 6, % (18) -2.00% % lnterventional Radiology 5,704 5, % 6 5, % 2,669 3,166 (297) -9.39% 3,112 (243) % Radiation Oncology 18,482 18,979 (497) -2.62% V' 19,574 (1,092) -5.58% Major Imaging 1,451 1, % 1, % MRI 8,988 8, % 6 8, % 3,410 3,642 (232) -6.37% 3,458 (48) -1 39% CT Scan 22,053 21, % 6 2 1, % (88) % 532 (25) -4 70% Nuc Med +PET 3,451 3,547 (96) -2.72% V' 3,555 (104) -293% Minor Imaging 8,742 9,488 (746) -7.66% 8,883 (141) -159% Rad Diagnostic 55,152 56,364 (1,212) -2.15% V' 55,734 (582) -1.04% 1,710 1,881 (171) -9.07% 1,850 (140) -7 57% Ultrasound 10, ,217 (605) -5.39% 11,081 (469) -4.23% 3,578 3, %... 3, % Mammography 21,065 18,702 2, %... 18,726 2, % ,537 (9,157) -4.01% V' (9,889) -4 31% Labs 1,312,904 1,351,282 (38,378) -2.64% V' 1,387,381 (74,477) -5.37% Pharmacy 206, ,709 (10,228) -4.72% V' 213,883 (7,402) -3.46% Doses 1,200,278 1,261,585 (61,307) -4.86% V' 1,274,893 (74,615) -5.85% 1 14, , %... 12,578 1, % OP Prescriptions 79,865 68,935 10, %... 73,895 5, %

15 Fletcher Allen Health Care Report MR400 - Outpatient Volume Stats 1 Entity: 1201 Current Month: March Year to Date: March Variance PriorYr Variance Prior Yr Actual Budget Amount % Actual Variance Var% Statistic Actual Budget Amount % Actual Variance Var% 2,623 2, %.& 2, % Patient Days 15,860 14,589 1, %.& 14,369 1, % 4,249 4,259 (10) -0.23% 4, % ED Visits 25,258 25,552 (294) % 24, % Operating I Minor Rooms (42) -4.41% \ % OR Cases 5,770 5, % 5, % 1,583 1,621 (38) -2.32% \7 1, % OR Hours 9,936 9, % /:,. 9, % (0) -2.19% \ % Hours Per OR Case (0) -1.38% 1.70 (0) -1.57% (12) -4.46% \7 288 (40) % Minor Cases 1,486 1,557 (71} -4.59% \7 1,648 (162) -9.83% %.& 326 (13) -3.97% Minor Hours 1,849 1, %.& 1,856 (7) -0.36% (0) % (0) % Hours Per Minor Case (0) % (0) % '. Procedures (9) -5.72% (21) % Cath Lab 1, %.& % %.& 64 (3) -4.69% EP %.& % 1, %.& % GI/Endoscopy 5,876 5, % /:,. 5, % (32) -6.49% % lnterveniional Radiology 3,268 2, %.& 2, % 2,713 3,078 (365) %... 3,030 (317) % Radiation Oncology 17,955 18,469 (5 14) -2.79% \7 18,981 (1,026) -5.41% Major Imaging 1,293 1, % /:,. 1, % MRI 7,930 7, % /:,. 7, % 2,575 2, % 2, % CT Scan 16,218 15, %.& 14,982 1, % (55) % (6) -1.33% Nuc Med +PET 3,036 2, % 2, % Minor Imaging 6,640 6,811 (171) -2.52% \7 6, % Rad Diagnostic 41,368 40, % 40,228 1, % 1,479 1,567 (88) -5.62%... 1,521 (42) -2.76% Ultrasound 9,108 9,402 (294) -3.13% \7 9,243 (135) -1.46% 3,578 3, %.& 3, % Mammography 21,060 18,702 2, %.& 18,722 2, % 134, , % 134,616 (232) -0.17% Labs 812, ,625 8, % 830,092 (17,755) -2.14% Pharmacy 34,808 33,266 1, % /:,. 33, % Doses 211, ,593 12, %.& 200,360 11, % , %.& 12,578 1, % OP Prescriotions 79,865 68,935 10, %.& 73,895 5, %

16 UVM Medical Group Worked RVUs Current Month: March Year to Date: March Budget Prior Yr Budget Prior Yr Department Variance% Variance% Category Variance% Variance% -8.78% % Work RVUs -3.64% \7 2.26% 1614 Medicine % % Work RVUs -6.06% % 1615 Neurology % % Work RVUs -1.61% 10.83% 1616 Psychiatry % % Work RVUs -1.90% 7.68% 1617 Family Medicine -3.20% \7-2.25% Work RVUs 4.37% D. 0.93% 1618 Childrens -6.89% T, 8.65% Work RVUs 1.23% 3.65% 1619 PCIM -7.05% % Work RVUs -5.12% % 1620 Womens %... ' % Work RVUs %... :' -6.30% 1621 Ortho Rehab -7.47% T : 3.91% Work RVUs -8.22% % 1622 Surgery -7.08% % Work RVUs -2.54% \7 1.35% 1611 Anesthesia -4.44% \7 3.85% Work RVUs -1.00% 5.70% 1612 Pathology % % Work RVUs -9.11% % 1613 Radiology % % Work RVUs -9.11% % 1624 MG Radiation Oncology -6.35% % Work RVUs 10.92% 0.17%

17 UVM Medical Group Clinical Metrics (Arrived Visits & RVUs & Procedures) Current Month: March Y~ar to Date: March Budget Prior Yr Budget Prior Yr Department Variance% Variance% Category Variance% Variance% -4.27% \7 4.81% Arrived Visits 2.19% % 1614 Medicine -9.82% T 4.67% Arrived Visits -4.08% \7 2.27% 1615 Neurology -6.66% % Arrived Visits -4.81% \ % 1616 Psychiatry % T -8.98% Arrived Visits -2.11% \ % 1617 Family Medicine % T 2.98% Arrived Visits -3.37% \ % 1618 Childrens % T -3.97% Arrived Visits -2.64% \7-3.88% 1619 PCIM % T -4.54% Arrived Visits -5.89% T -6.74% 1620 Womens -4.95% \7 0.27% Arrived Visits -2.46% \7-2.94% 1621 Ortho Rehab % T, -0.26% Arrived Visits -5.71% T 4.48% 1622 Surgery -5.33% T. 4.02% Arrived Visits -4.47% \7-0.73% Subtotal Arrived Visits % T 1.67% Arrived Visits -4.17% \7 0.04% 1611 Anesthesia -2.63% \7 4.59% Anesthesia Units 0.69% 5.95% Pathology 10.24% % PRO Procedures 14.97%... ' 12.82% 1613 Radiology 3.06% % PRO Procedures 14.54% % 1624 MG Radiation Oncology -9.21% T % PRO Procedures 8.43% %

18 Central Vermont Medical Center Statistical Summary March 31, 2014 ROUTINE SERVICES PATIENT DAYS & OBSERVATION EQIV. DAYS Mar-14 Mar-14 % YTD YTD % PRIORYTD % ACTUAL BUDGET Var ACTUAL BUDGET Var ACTUAL Var MED/SURG PATIENT & OBSV EQUIV. DAYS % 5,230 4,393 19% 4,690 12% IP PSYCH PATIENT & OBSV EQUIV. DAYS % 2,166 2,271-5% 2,284-5% CRITICAL CARE PAT. & OBSV. EQUIV. DAYS % 1,338 1,368-2% 1,396-4% WOMENS & CHILDREN'S PAT. & OBSV EQUIV. DAYS % % 655-2% HOSPITAL PATIENT DAYS 1,420 1,459-3% ,787 10% 8,164 5% OBSERVATION EQUIVALENT DAYS % % 861-4% TOTAL PATIENT AND OBERVATION DAYS 1,564 1,633-4% % % ADMISSIONS MED/SURG % % % IP PSYCHIATRY % % % CRITIAL CARE % % 348-4% WOMEN & CHILDREN'S % % 228-5% TOTAL ADMISSIONS % 1,708 1,564 9% 1,624 5% NEWBORN NURSERY % % 190-7% WOODRIDGE PATIENT DAYS 3,817 4,340-12% 23,914 25,480-6% 23,970 0% MAJOR ANCILLARY SERVICES SURGICAL SERVICES % 1, % 1,900-6% AMBULATORY SERVICES % ,316-19% 1,062 1% ER TOTAL VISITS 2,276 2,431-6% 13, % 13,832-6% LAB BILLABLE TESTS ,403-4% 240, ,459-4% 243,774-1% PHARMACY ,456-19% 7,983 7,933 1% 8,839-10% DIAGNOSTIC IMAGING PROCEDURES 5,086 4,975 2% 31,595 29,426 7% % CT SCAN PROCEDURES % 5,219 4,898 7% 4,589 14% MRI PROCEDURES % 1,479 1,533-4% 1,463 1% RADIOLOGY /ONCOLOGY TREATMENTS % ,468-14% 2,591-18% REHAB SERVICES 8, % 55, % 46,321 20% PHYSICIAN PRACTICE VISITS % 89, % % TOTAL ANCILLARY SERVICES UNITS 74,956 79,813-6% 450, ,462-3% 432,333 4%