ecooper University Health care

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1 ecooper University Health care Cooper Health Care Financial Report: March 2015 The reported an operating gain for the month of $4,911,000 against a budget gain of $3,501,000 and prior year gain of $1,199,000. Total operating revenue for the month was favorable to budget by $5,064,000. The favorable variance was principally the result of higher than anticipated patient volume specifically attributable to admissions, Cardiac Cath Lab, surgeries, and Cancer Center patient visits. Operating expenses for the month were unfavorable to budget by $3,654,000. The unfavorable variances were principally the result of higher than anticipated expenses for salaries and wages, temp labor, medical and surgical supplies, consulting and management fees, and other supplies and expenses. Salaries and wages were unfavorable as a result of an accrual for the reconciliation of volume based component of the physician compensation. Medical surgical supplies were unfavorable to budget as a result of higher than anticipated patient volumes specifically for cardiac Cath Lab and surgeries. The unfavorable variances were offset by favorable variances in employee benefits, leases and rentals, and depreciation and amortization expense. I Below are key performance indicators & statistics for the month and year-to-date: Month to Date I I Key Performance Indicators I r,----~y:-:-e-a-r to:--:::0-ate~ ,. AmHII T!!!JZ!t I var I PY Ar:tuai.. FIIHIIICIGI Pet/omlonr:.lndic:at.ors. L......:An=wi::::...--L_li:..:G!fl!::.JC.t=--.~..1_var:::.: =------~..1-=..P.:..;Y A:::r:t:::llfli::::...J 10.67% 6.57% -62.4% n/a Total Operating Expense (less depn/int) Growth% 9.90% 6.57% -50.7% n/a s s 83, % Total Operatl ng Revenue s s 240, % s $ $ % s 76,565 Total Operating Expenses $ $ " $ 219,905 s 9362 $ % $ EBfTDA s $ % $ Volltme tnd1etlttlls % 2288 Total Admissions % , % Adult Patient Days % , ~-3" 19,287 Total outpatient volumes 60, % 54, , % 5445 cancer , % 15, % 6,631 Tot al ER VIsits 18, " 18, , % CUP Visits 278, , % % 1,335 Total Ambulatory Procedures " 3, % 25 Cyber Knife & Gamma Knife % % 533 Total cardiac Cath Ulb " 1,601 1, % 1,445 Total Surgical Volume 4,308 4, % % 237 Trauma Re8istry % % 5.65 FTEs per Adjusted Occupied Bed " % 1.68 Case mix index- ali payer ~.6% % 1.12 Payor Mix Index % 1.12 The 's current financial statements reflect the following key ratios: Ratio or Value March December NJ FAST Report Moodvssaa sd" Percentile Rating Operating margin % YTD 2.4% 4.6% 3.4% 0.0% Current ratio Modified Days Cash on Hand Days ina/r

2 4/ :47 AM THE OBLIGATED GROUP FINANCIAL STATEMENTS March 2015 Cooper University Health Care

3 4/16/ :47 AM Combined Balance Sheets (Dollars In thousands) March 31, February 28, December 31, March 31, February 28, December 31, 201_5_ Cumtnt Assets Current Liabilities Cash and cash equivalents $ 136,979 $ 138,960 $ 165,907 Accounts payable 22,637 26,271 17,182 Accrued payroll and taxes 20,359 14,790 29,364 Assets limited as to use 18,317 17,114 18,368 Ac:crued vacation 15,102 14,301 13,731 Accrued liabilities 49,639 47,631 49,126 Patient accounts receivable 145, ,5S9 134,030 Accrued Interest 1, ,055 AIICMI&nce for doubtful accounts!32,621)!31, 156) {28,145) Settlements with third party payers 12,019 12,587 12,587 Net patient accounts receivable 113, , ,885 Current portion of long term debt 6,273 6,268 1,987 Current portion of self-insured reserve 18,642 18,642 18,642 Other receivables, net 13,133 11,467 10,679 Inventories 22,484 21,989 19,663 Total current liabilities --145, , ,674 Prepaid expenses 6,965 7,130 7,793 Due from affiliates 6,039 (644) (1,137) Total current assets 317, , ,158 Settlements with third party payora 11,383 11,175 10,309 Assets Limited as to use Accrued pension costs 12,383 12,138 11,690 Internally designated by board 202, ,n2 188,733 Funds held by trustee - debt service reserve Notes Payable 22,296 22,296 22,296 Funds held by trustee~esignated for capital 26,463 26,462 26,462 Self-insured programs 33,200 33,291 32,354 Deferred revenue 14,808 13,626 13,673 Endowment fund Long term debt 274, , ,555 Total asets limited as to use 263,273 --~ ,209 Self-insured reserves 52,619 51,764 50,552 Total liabilities 533, , ,749 Property, plant and equipment 644, , ,799 Accumulated depreciation and amortization (422,663) (419,316) (412,615) Nat Assets Net property, plant and equipment 421, , ,184 Unrestricted 490, , ,609 Temporarily restricted Deferred charges 4,851 4,874 5,174 Permanently restr1cted Notes Receivable 15,781 15,761 15,781 Other Asset 2,643 2,276 2,287 Total Net Assets 491, , ,048 TOTAL $ 1,025,157 $ 1,014,088 $ 1,016,797 TOTAL $ 1,025,157 $ 1,014,088 $ 1,016,797

4 Month Combined Statements of Operations and Changee In Net Aas.ts for the month and the 3 months ended March 31, 2015 (Dollars in thousands) Year-to-date Current Year Prior Year Current Year Prior Year Actual Budget Variance Actual Actual Budget Variance Actual $ 42,247 $ 41,287 $ 960 $ 37,573 Inpatient $ 116,647 $ 119,282 $ (2,635) $ 110,055 47, ,986 41,100 Outpatient ,1 94 3, ,382 89,447 85,501 3,946 78,673 Net patient revenue 246, ,476 1, ,437 (6,586) 538!5.671) Provision for bad debt!15,990} {19,945) 3,955 (15,440) ,915 4,484 73,002 Net plltlent revenue, net of bad debba 230, ,531 5, ,997 5,519 4, ,762 Other operating revenue 14,971 14, ,484 88,918 83, ,764 Total operating ravenue 245, ,340 5, ,481 43,273 41,039 (2,234) 38,511 Salaries and wagl!s 121, ,591 (2,665) 110, (89) 207 Temp staff expenses (60) 302 8,353 8, ,691 Employee benefits 24,899 26,134 1,235 22,772 12,299 10,917 (1,382) 10,989 Medical and surgical supplies 34,880 31,962 (2,918) 31,380 3,271 3,148 (123) 2,710 Consulting and Management Fees 9,523 9,348 (175) 8,024 9,348 8,745 (603) 8,823 Other supplies and expenses 27,032 26,816 (216) 24, Malpractice expense 2,964 2,964 2,888 1,907 2, ,993 Leases and rentals 5,837 6, ,559 3,281 3, ,771 Depreciation and amortization 9,875 10,927 1,052 11,219.J ,100!JOl 907 Interest expense 3, {40} ,007 80,353 (3,654l 76,565 Total operating expenses 239, ,128 (3,620) 219,905 4,911 3, ,199 Operating margin 5, , (58) (58) 848 Investment income and realized gains (losses) 1,192-1,192 2,445 (1,288). {1,288) 72 Unrealized GIL from market valuation swap (1,299) - (1,299) {1,545) (876) -!876) 749 Net unrealized g/1 on trading securities , !812! 2,866 Excess I {Deficit) of revenllh over expenses 5,920 4,212 1, ,378-1, Contributions for capital acquisitions 1,432-1, ~ - (188) (89) Changes in unrealized gains (losses)!~ - (48) (1 94) $ 3,879 $ 3,501 $ 378 $ 2,828 lncntaae/(decrease) in unrestrk:ted net~ $ 7,304 $ 4,212 $ 3,092 $ :47 AM

5 4/16/ :47 AM Statement of Cash Flows for the month and the 3 months ended March 31, 2015 (Dollars in thousands) Month Year-to-date Operating activities: Increase (decrease) in net assets $ 3,879 $ 7,305 Adjustments to reconcile increase (decrease) in net assets to net cash provided by operating activities: Depreciation and amortization 3,281 9,875 Provision for bad debt 6,048 15,990 Contributions for capital acquisitions (1,378) (1,432) Net realized and unrealized (gain/loss) on investments 2,308 1,023 Changes in certain assets and liabilities: Patient accounts receivable (7,677) (23,167) Prepaid and other current assets (2,252) (4,199) Assets limited as to use 186 (15,750) Accounts payable and accrued expenses 5,189 (933) Self-insured programs 1,080 2,760 Settlements with third party payors (360) 506 Due to /from affiliates, net (6,683) (7,176) Other liabilities 1,182 1,135 Net cash provided by operating activities 4,803 (14,063) Investing acuvlties: Decrease (increase) in assets limited as to use (2,544) (2,286) Capital expenditures ~5,305) ~13, 134~ Net cash provided by investing activities (7,849) (15,420) Financing activities: Repayments of long-term debt (313) (877) Contributions for capital acquisitions 1,378 1,432 Net cash provided by financing activities 1, Net increase (decrease) in cash and cash equivalents (1,981) (28,928) Cash and cash equivalents at beginning of period 138, ,907 Cash and cash equivalents at end of period $ 136,979 $ 136,979