Financial Operating Summary for the Quarter Ending Sept. 30, 2017

Transcription

1 Financial Operating Summary for the Quarter Ending Sept. 30, 2017 Summary of the financial operations for the quarter ending September 30, 2017 reported an overall operating loss of $3,099,930. This decrease is due primarily to the recovering displacement of many of its citizens resulting from Hurricane Matthew and to the System wide efforts dedicated to the implementation of its Epic electronic medical record system as noted more fully below. The Hospital continues to manage to lower overall patient volumes, but is encouraged by recent increases in Inpatient Volume in the last quarter consistent with prior year levels. Net Revenue per Adjusted Admission for 2017 of $9,335 was to 2016 level of $10,354, a reduction of 9.8%. Total expenses for 2017 of $76,560,895 decreased from 2016 level of $82,513,217, a reduction of 7.2%, which is inclusive of competitive salary increases, the addition of the secondyear class of residents, and the non capitalized Epic transition costs. The organization remains on target for Epic go live date of November For the Quarter, investment earnings of $4,262,836 above the prior year gains of $181,196.

2 Combined Balance Sheets Southeastern Regional Medical Center and Related Organizations For the Quarter Ended Sept. 30, 2017 Assets 9/30/2017 Current Assets Cash and cash equivalents $ 26,338,275 Current portion of assets limited as to use $ 8,359,627 Patient accounts receivable $ 149,600,868 Allowance for doubtful accounts $ (100,942,129) Net patient accounts receivables $ 48,658,739 Other receivables $ 6,799,492 Inventories $ 7,715,010 Prepaid Expenses $ 1,670,899 Total current assets $ 99,542,042 Property and equipment, net $ 200,592,576 Other assets Investments, assets limited as to use $ 109,270,436 Long-term investments $ 2,336,166 Other assets $ 1,651,977 Total other assets $ 113,258,579 Total assets $ 413,393,197 Liabilities and Net Assets Current liabilities Current portion of long-term debt $ 4,021,115 Accounts payable $ 3,710,329 Accrued expenses $ 53,567,510 Estimated third-party payer settlements $ 3,801,036 Total current liabilities $ 65,099,990 Long-term liabilities, net of current portion: Long-term debt $ 49,584,347 Accrued pension expense $ 24,376,137 Total long-term liabilities, net of C/P $ 73,960,484 Total liabilities $ 139,060,474 Net assets Unrestricted $ 270,916,831 Temporarily restricted $ 954,440 Permanently restricted $ 2,461,452 Total net assets $ 274,332,723 Total liabilities and net assets $ 413,393,197

3 Southeastern Regional Medical Center and Related Organizations Unaudited - Summary Income Statement (Obligated Group) Quarter Ending Sept. 30, 2017 Sept Actual Patient Revenue Room & Board 23,091,326 Inpatient Ancillary 87,396,447 Outpatient 116,150,310 Total Patient Revenue 226,638,083 Deductions from Revenue Bad Debt Expenses 29,052,780 Medicare Allowances 75,032,838 Medicaid Allowances 26,490,330 Other Allowances 27,887,364 Total Deductions 158,463, % Net Patient Revenue 68,174,771 Other Revenue Other Revenue 4,738,162 Fitness Center Revenue 548,032 Total Other Revenue 5,286,194 Total Operating Revenue 73,460,965 Operating Expenses Salaries 29,016,182 Benefits 8,219,675 Contract Agency 3,940,877 Professional Fees 6,256,040 Medical Supplies 3,938,037 Pharmacy 6,355,349 Non Med Supplies & Small Equip 2,815,357 Contracts and Repairs 3,008,425 Outside Services 4,167,315 Other Expense 884,164 Insurance 296,817 Utilities 1,102,019 Interest Expense 697,269 Depreciation & Amortization 5,863,369 Total Expenses 76,560,895 Operating Income (3,099,930) 0 Interest and Dividends 895,418 Realized Investments Gains (Loss) 1,597,231 Unrealized Investment Gains (Loss) 1,770,187 Investment Income 4,262,836 Net Income 1,162,906

4 Southeastern Regional Medical Center and Related Organizations Combined Statement of Cash Flows For the Quarter Ended Sept. 30, 2017 Sept 2017 Cash from operating activities Increase (decrease) in net assets $ 1,161,492 Adjustments to reconcile change in net assets to net cash provided (used) by operating activities: Depreciation and amortization $ 5,863,369 Provision for bad debt $ 29,052,780 Net realized and unrealized gains on investments $ (3,367,418) Amortization of bond issue costs and bond premium $ (25,249) Cash flows from (increase) decrease in: Receivables $ (22,373,883) Other current assets $ (1,928) Inventories $ (228,735) Prepaid expenses $ 1,798,751 Cash flows from increases (decreases) in: Accounts payable $ (1,381,490) Accrued expenses $ 12,750,720 Accrued pension expense $ 556,290 Third-party payer settlement $ (3,964,743) Net cash provided (used) by operating activities $ 19,839,956 Cash flows from investing activities Purchase of property and equipment $ (19,640,681) (increase) decrease in assets limited as to use $ 3,494,712 (increase) decrease in other long-term investments $ (649,590) Net cash provided (used) by investing activities $ (16,795,559) Cash flows from financing activities Repayment of long-term debt $ (1,624,242) Net cash provided (used) by financing activities $ (1,624,242) Net increase (decrease) in cash and cash equivalents $ 1,420,155 Cash and cash equivalents, beginning of Period $ 24,918,120 Cash and cash equivalents, end of Period $ 26,338,275

5 SOUTHEASTERN REGIONAL MEDICAL CENTER, NORTH CAROLINA Bed Allocation Licensed Staffed Beds Beds Medical/ Surgical Obstetrics/ Gynecology Pediatrics Psychiatry Intensive Care/ Coronary Care/ Progre TOTAL Hospice House Long Term Care (at Woodhaven) GRAND TOTAL Utilization Inpatient Utilization Discharges Medical/ Surgical 2,630 3,001 2,887 2,955 11,473 Obstetrics/ Gynecology ,492 Psychiatry ,359 Total 3,318 3,698 3,596 3,712 14,324 Patient Days Medical/ Surgical 13,634 14,897 13,591 14,517 56,639 Obstetrics/ Gynecology (include LDR) ,238 Psychiatry 2,027 2,206 2,235 2,302 8,770 Total 16,447 17,857 16,580 17,763 68,647 Average Length of Stay (Days) Medical/ Surgical Obstetrics/ Gynecology Psychiatry Total Occupancy Rates Based on Licensed Beds 55.0% 61.0% 56.1% 59.4% 57.9% Based on Staffed Beds 65.5% 72.7% 66.7% 70.7% 68.9% Hospice House Beds in Service Discharges Avg. Length of Stay (Days) Patient Days ,836 Occupancy (Percent) 51.9% 37.8% 38.2% 39.7% 41.9% WoodHaven Beds in Service Discharges Patient Days 10,024 9,788 9,802 10,095 39,709 Occupancy (Percent) 94.7% 94.6% 93.7% 95.4% 94.6%

6 Outpatient and Ancillary Utilization Surgical Procedures (OR and Endo) Inpatient ,963 Outpatient ,227 Total 957 1,120 1,019 1,094 4,190 Laboratory Workload Units 2,114,448 2,365,373 2,300,301 2,397,218 9,177,340 Radiology Procedures Inpatient 3,909 4,447 4,239 4,244 16,839 Outpatient 7,758 8,498 8,599 8,359 33,214 Total 11,667 12,945 12,838 12,603 50,053 Nuclear Medicine Inpatient Outpatient ,967 Total ,645 CT Inpatient 1,773 1,876 1,962 2,205 7,816 Outpatient 3,751 4,060 4,442 4,544 16,797 Total 5,524 5,936 6,404 6,749 24,613 MRI Inpatient ,061 Outpatient ,555 Total 1,279 1,448 1,416 1,473 5,616 Cardiac Cath Lab Inpatient Outpatient Total ,011 Physical Therapy Visits Inpatient 4,250 4,424 4,088 4,241 17,003 Outpatient 4,158 4,930 5,016 5,072 19,176 Total 8,408 9,354 9,104 9,313 36,179 Emergency Room Visits 14,803 15,327 15,703 15,801 61,634 Newborn Deliveries ,343 Historical Long-Term Debt Service Coverage 12 Consecutive 12 Consecutive 12 Consecutive 12 Consecutive Months ending Months ending Months ending Months ending 12/31/2016 3/31/2017 6/30/2017 9/30/2017 Income Available for Debt Service Excess of Revenues over Expenses 181,130 7,276,871 6,989,835 3,837,527 Depreciation and amortization 19,136,221 19,038,810 18,815,329 18,562,460 Interest Expense 1,927,499 1,935,595 1,984,025 2,002,836 Pension related changes other than net periodic pension cost Unrealized (gains) losses 817,947 (3,133,127) (4,835,189) (5,685,123) Totals $ 22,062,797 $ 25,118,149 $ 22,954,000 $ 18,717,700 Maximum Annual Debt Service $ 5,555,499 $ 5,555,499 $ 5,555,499 $ 5,555,499 Long-Term Debt Service Coverage Ratio

7 Days' Cash On Hand As of September 30, 2017 Days' Cash on Hand Calculation Qtr ending Qtr ending Qtr ending Qtr ending 12/31/2016 3/31/2017 6/30/2017 9/30/2017 Cash and cash equivalents $ 7,209,460 $ 10,285,945 $ 24,918,120 $ 26,338,275 Assets whose use is limited by board 122,021, ,202, ,124, ,630,063 Total unrestricted cash and investments $ 129,231,208 $ 130,488,098 $ 146,042,895 $ 143,968,338 Total Operating Expenses $ 72,073,533 $ 73,979,441 $ 76,842,775 $ 76,560,895 LESS: Depreciation and Amortization (4,241,032) (4,196,580) (4,261,479) (5,863,369) Total Cash Expenses $ 67,832,501 $ 69,782,861 $ 72,581,296 $ 70,697,526 Daily Cash Expenses 737, , , ,451 Days' Cash on Hand