~;Joseph's Healthcare System

Transcription

1 Consolidated Financial Statements Table of Contents March 2016 Consolidated Balance Sheets 1 Consolidated Statement of Operations 2 Consolidated Statement of Changes in Net Assets 3 Consolidated Statement of Cash Flows 4 Bond Covenant Compliance 5 Utilization Statistics 6 ~;Joseph's Healthcare System

2 Consolidating Balance Sheet Assets Current Assets: Cash and cash equivalents Invesnnents Current portion of assets whose use is limited Patient accounts receivable, net Grants, notes, and other receivables Unconditional promises to give, net Supplies Prepaid expenses and other current assets Due from affiliates Total current assets As ofmarch 2016 (In Thousands) I SJRMC I Patenon I Wayne,I VHS I I Obligated To< I I Hosnitals Foundation Foundation Manae:ement Eliminations Groun $ 69,541 $ 5,602 $ 1,086 $ 450 $ 76, ,159-1,088 4, ,743 8,364-8,364 84,961 - l,236 86,197 17, ,541-1, ,461 8, ,569 2, (119) 3,006 1,403 0 [l, $ 369,320 $ 7,115 $ 2,414 $ 6,233 $ (1,373) $ 383,709 St. Joseph's I SJHS I Total Total 200Hosp I Healhcare Insurance March December Plaza Coro. Inc LTD Eliminations $ 76,863 $ 97, , ,613 1,824 3,820-14,008 18,106 86,197 85, ,138 (2,275) 16,626 11,368 1,461 2,081 8,569 8, ,292 3, {149} $ 2,230 $ - $ 5,244 $ (2,424) $ 388,759 $ 380,471 Assets whose use is limited net of current portion Unconditional promises to give, net Due from affiliates Beneficial interest in trust Notes receivable~ net of current Property and equipment - net Interest in net assets of foundations Investment in Joint Ventures Estimated insurance recoveries Other assets Total 31,254 3,498 1,636 36,388 2, , , ,762 1,259 1, , ,179 22,321 (22,321) - 24,353 24,353 5,391 5,391 15,542 l, ,248 $ 770,899 $ 19,191 $ 4,964 $ 6,290 $ (23,694) $ 777,650 5,582-24,256-66,226 65,663-2,361 2, ,762 3,762 1,259 1,291 26, , , ,353 24,748 (4,902) ,178 - {3, ,820 17,734 $ $ 3,178 $ 29,500 $ (10,504) $ $ 828,469 Liabilities and net assets Current liabilities Current portion oflong-term debt Accounts payable Accrued salaries and expenses Accrued interest payable Due to affiliates Deferred revenue Estimated third-party payer settlements Total current liabilities Long term debt -net of current Estimated third-party payer settlements, net of current Accrued pension liability Estimated professional liability claims payable Deferred revenue-net of current portion Other noncurrent liabilities Total liabilities Net assets: Unrestricted St. Joseph's healthcare system and affiliates Noncontrolling interests in joint ventures Total unrestricted net assets Temporarily restricted Permanently restricted Total net assets Total net assets and liabilities 8,822 8,822 44, ,751 56, ,177 3,670 3, , (1,373) ,112 4,391 4,391 $ 118,078 $ 1,510 $ 134 $ 1,574 $ (1,373) $ 119, , ,312 13,042 13, , ,876 11,349 11, , ,759 $ 561,251 $ 1,610 $ 134 $ 1,646 $ (l,373} $ 563, ,943 5,356 2,192 4,644 (7,548) 190,587 2, ,145 5,356 2,192 4,644 (7,548) 192,789 17,382 9,278 1,696 - (10,884) 17,472 4,121 2, {3,889} 4,121 $ 209,648 $ 17,581 $ 4,830 $ 4,644 $ {22,3212 $ 214,382 $ $ 19,191 $ 4,964 $ 6,290 $ [23,694) $ ,447 9, ,682 (2,275) 44,171 46,013-3,820 60,997 59, ,172 7, (149) 1, ,391 4,299 $ 1,289 $ - $ 5,502 $ (2,424) $ 124,290 $ 127,484 27, , ,008 13,042 13, , ,702 15,672 (4,902) 22,119 21,560 7 J04 4,863 10,501 $ 28,907 $ - $ $ (7,326) $ 606,023 $ 610,457 6,237 3,178 8,326 (3, 178) 205, ,775 2,202 1,356 6,237 3, 178 8,326 (3,178) 207, ,131 17,472 17,760 4,121 4,121 $ 6,237 $ $ 8,326 $ ~3,l 78J $ s 218,012 $ 35,144 $ 3,178 $ 29,500 $ (10,504} $ $ 828,469 Page I

3 Consolidating Statement of Operations YTD March 31, 2016 (In thousands) Revenues: Net patient service revenue Provision for Bad Debts Net patient service revenue (net of bad debt) Other revenue Net assets released from restrictions for operations SJRMC Hosnitals $ 184,598 (9,506) $ 175,092 21,643 - Paterson Foundation $ $ Total Wayne VHS Obligated Foundation ManaPement Eliminations Groun $ $ l,390 $ $ 185,988 QZ2_ (9,533) $ $ l,363 $ $ 176, (390) 21, Hosp St Joseph's SJHS Plaza Healthcare Insurance Corn. Inc. LTD Eliminations Total $ $ $ $ $ 185,988 (9,533) $ $ $ $ l 76, l,436 (878) 23, Total revenue $ 196,735 $ 356 $ 59 $ 1,392 $ (390) $ 198,152 $ 958 $ $ 1436 $ (878) Ll22,_668 Expenses: Salaries and wages Employee benefits Physicians fees Supplies and other Interest Depreciation and amortization 89,361 20,450 5,561 57,640 4,318 9, l (285) 90, (71) 20,674 5, (34) 58, , ,480 90,332 20,674 5, ,238 (878) 59, , "895 Total expenses $ $ 826 $ 148 $ 1,572 $ (390) $ 188,963 _$ 1,009 $ $ 1)38 $ (878) $ 190,332 Excess of revenues over expenses $ 9,928 $ (470) $ (89) $ (180) $ $ 9,189 $ (51) $ $ 199 $ $ 9,337 Changes in net unrealized gains and losses on investments Distributions to non-controlling interests in joint ventures Contributions to non-controlling interests in joint ventures Changes in interest in unrestricted net assets of: SJHMC foundation St Joseph's Wayne foundation Net assets released from restrictions for capital acquisitions Investment Income and Grants Transfer to parent - insurance captive 2,213 (197) 0 (348) (86) (82) , (197) (82) (191) 2,164 (197) (82) Increase (decrease) in unrestricted net assets $ 11,428 $ (348) $ (87) $ (163) $ 434 $ 11,264 $ llli_ $ $ 8 ='$~--~ $ 11,221 Page2

4 I SJRMC I Hosoitals Paterson. I Foundation St. Joseph's Healthcare System Consolidated Schedule of Net Assets YTD March 31, 2016 (In thousands) VHS Wayne 'I Foundation M!!:mt Eliminations Total 200 Hosp St. Joseph's SJHS Obligated Plaza Healthcare Insurance Groun Corn. Inc. LTD Eliminations Total Unrestricted net assets: Excess of revenues over expenses $ 9,928 Change in net unrealized gains and losses on investments 2,213 Distributions to noncontrolling interests injoint ventures (197) Contributions to noncontrolling interests in joint ventures Change in interest in unrestricted net assets of: SJRMC foundation (348) St. Joseph's Wayne Hospital foundation (86) Transfer to parent for captive insurance Net assets released from restrictions~ capital acquisitions (82) Contributions from foundations for capital Transfer to 200 hospital plaza Increase in unrestricted net assets $ ll,428 $ (470) 122 $ (348) $ (89) $ (180) $ $ (87) $ (163) $ 434 $ 9,189 $ (51) $ $ 199 $ $ 9,337 2,354 (191) 2,164 (197) (197) (82) (82) $ ll,264 $ (51) $ $ 8 $ $ 11,221 Temporarily restricted net assets: Contributions Income from investments (357) Change in interest in temporarily restricted net assets of St Joseph's Hospital and Medical Center foundation (12) Change in interest in temporarily restricted net assets of St Joseph's Wayne Hospital foundation (1) Foundation cap campaign contributions Net assets released from restrictions - Operations Net assets released from restrictions - Capital acquisitions 82 Increase in temporarily restricted net assets $ (288) (167) $ (12) (28) (1) $ $ $ (344) (344) (196) (196) $ (288) $ $ $ $ (288) Restricted Net Assets: Change in beneficial interest in trusts Increase in temporarily restricted net assets $ $ $ $ $ $ $ $ $ 1 $ Increase (decrease) in net assets 11,140 (360) (87) (163) ,976 (51) 8 10,933 Net assets-beginning ofyear 198,508 17,941 4,917 4,807 (22,767) 203,406 6,288 3,178 8,318 (3,178) 218,012 Net assets-end of year $209,648 $ 17,581 $ 4,830 $ 4,644 $ (22,321) $ 214,382 $ 6,237 $ 3,178 $ 8,326 $ (3,178) $ 228,945 Page3

5 , Inc. Consolidated Statements of Cash Flows (In Thousands) 3 Months Ended March 2016 Cash flows from operations (Decrease) increase in net assets $ 10,933 Adjustments to reconcile increase in net assets to net cash Depreciation and amortization 9,477 Alnortization of deferred financing costs 68 Accounts receivables (553) Grants notes and other receivables (5,759) Estimated third-party payers settlements (68) Supplies (60) Prepaid expenses and other current assets (172) Assets held by related organization (Foundations) (1) Benefical Interests in trusts Other assets (153) Accounts payable (706) Accrued salaries and expenses (3,812) Accrued bond interest (3,370) Accrued Pension liability 4,174 Deferred Revenue 154 Due to 3 rd Parties/Deferred Revenue current Other liabilities (21) Cash flows provided by operating activities $ 10, Months Ended December 2015 $ 56,352 37, (9,598) 9,265 (3,068) (575) 2,166 (835) (558) 1,802 (10,945) (124) (23,588) 153 2,333 $ 60,425 Cash flows from investing activities Acquisition of property, building and equipment (6,977) Proceeds from Sales of Investments (27,735) Net change in restricted cash 3,534 Cash flows from investing activities $ (31,178) (30,235) (26,753) 3,123 (53,865) Cash flows from financing activities Issuance oflong-term debt 3,000 Repayment oflong-terrn debt/notes receivable (3,264) Temporarily restricted contributions, investment income & other 70 Change in due from affiliates 114 Cash flows from by fmancing activities $ (80) 3,000 (6,910) $ (3,143) Increase (decrease) in cash and cash equivalents (21,125) Beginning cash and cash equivalents 97,988 Ending cash and cash equivalents $ 76,863 3,417 94,571 $ 97,988 Page4

6 Financial Covenant Compliance (In Thousands) Series 2008 Bonds (Calculated on Obligated Group) a. Cushion ratio b. Debt service coverage ratio Trigger event only ratios* c. Days cash on hand * Loan Guarantor Only required if both "required ratios" are not maintained for two consecutive quarters. as of March 2016 Bond Requirements Variance Series 2010 Bonds (200 Hospital Plaza) d. Debt service coverage ratio e. Rate Coverage ratio Blue Moon 51 % JV -Term Loan - Fixed rate d. Debt service coverage ratio (tested annually) Pediatric Ambulatory Surgery 51 % JV -Term Loan - Fixed rate d. Debt service coverage ratio (tested annually) I Surgery Management 62% JV -Loan Agreement d. Debt service coverage ratio (Effective June, 2015, tested annually) No (l.31) 1.30 (2.61) Definitions: a. Unrestricted cash and investments divided by maximum annual debt service b. Fiscal year end net income plus interest, deprec, amort, and all other non-cash expenses including asset impairment divided by maximum annual debt service c. Unrestricted cash divided by 12/31/2015 audited operating expenses (net of deprec, Interest, bad debt) divided by 365 days. d. Annualized net income plus interest, deprec, amort, and all other non-cash expenses divided by maximum annual debt service e. Annualized net income plus interest, deprec, amort, and all other non-cash expenses, plus Operating Reserve Fund, divided by maximum annual debt service Page 5

7 St. Joseph's Regional Medical Center PATERSON AND WAYNE CAMPUSES Consolidated Comparative Statistics Month to Date Year to Date Mar-16 Mar-16 Mar-15 Mar-16 Mar-16 Actual Budget Actual Actual Budget Inpatient Discharges 3,076 3,092 3,066 8,823 9,097 Observations Total 3,249 3,322 3,296 9,357 9,65 1 Patient Days (a) 15,995 16,123 16,435 47,271 48,287 Average Daily Census Length of Stay (b) Medicare CMT - Paterson Medicare CM! - Wayne CMI - Paterson CMI-Wayne Mar-15 Actual 8, ,606 48, I/P Discharges (b).% ~ ~ ~ Medicare % % % 2,440 28% 2,644 Medicare Mgd Care 265 9% 186 6% 212 7% 672 8% 569 Medicaid 136 4% 285 9% % 619 7% 830 Medicaid Mgd Care % % % 2,519 29% 2,499 Other Mgd Care incl. BC % % % 1,193 14% 1,341 Commercial & Other 145 5% 157 5% 145 5% 432 5% 456 Charity Care 178 6% 204 7% 224 7% 527 6% 586 Self Pay 204 7% 59 2% 19 1% 421 5% 172 Total 3, % 3, % 3, % 8, % 9,097 l/p Patient Days (b) ~ ~ ~ ~ Medicare 6,466 38% 5,831 36% 5,882 35% 16,767 35% 17,610 Medicare Mgd Care 1,685 10% 1,114 7% 883 5% 4,209 9% 3,514 Medicaid 551 3% 1,379 9% 884 5% 3,039 6% 4,091 Medicaid Mgd Care 3,766 22% 3,718 23% 3,941 24% 11,271 24% 11,077 Other Mgd Care incl. BC 2,326 14% 2,036 13% 2, % 6,224 13% 5,768 Commercial & Other 799 5% 811 5% 1,249 8% 2,083 4% 2,537 Charity Care 822 5% 1,012 6% 890 5% 2,790 6% 3,032 Self Pay 706 4% 221 1% 712 4% 1,462 3% 657 Total 17, % 16, % 16, % 47, % 48,287 I/P Length of Stay (bl Medicare Medicare Mgd Care Medicaid Medicaid Mgd Care Other Mgd Care incl. BC Commercial & Other Charity Care Self Pay Total (Average LOS) Ul.u.I. ~ 2.il.u.L Other Key Statistics Emergency Room Inpatient Visits 2,015 2,093 2,128 5,907 6, 132 Outpatient Visits 14,961 14,237 13,744 42,356 41,073 16,976 16,330 15,872 48,263 47,205 Surgeries OR Inpatient Cases ,697 1,830 Same Day OR Outpatient Cases ,102 2,001 O/P-Minor ,28 1 1,364 1,323 3,827 3,852 Cardiac Catheterizations Inpatient Cases Outpatient Cases = Total Deliveries :yf =.% 29% 6% 9% 27% 15% 5% 6% 2% 100% ~ 36% 7% 8% 23% 12% 5% 6% 1% 100% ~ 2,704 30% 571 6% % 2,408 27% 1,280 14% 405 5% % 66 1% 8, % ~ 18,233 37% 3,765 8% 4,596 9% 11,291 23% 5,930 12% 2,572 5% 2,698 5% 197 0% 49, % UJ. 6,057 39,578 45,635 1,825 1, , Notes: (a) Patient Days in this row are based on Census Days (b) Inpatient statistics are calculated based on discharged days not census days. The prior year payor mix reflects the current updated financial classification. i.e., many cases currently categorized as self pay will be subsequently qualified and reclassified as Medicaid or Charity Care. 4/1 8/201 6 Page 6