Board of Directors October 2018 and YTD Financial Report

Transcription

1 Board of Directors October 2018 and YTD Financial Report

2 Consolidated Financial Results Operating Margin October ($30,262) $129,301 ($159,563) Year-to-date $292,283 $931,358 ($639,076) Excess of Revenue over Expenses October ($90,334) $154,563 ($244,897) Year-to-date $932,585 $1,396,439 ($463,854) Statistical Highlights Hospice Home Health Memory Care Combined ADC - October ,598 ADC - Year-to-Date ,632 Admissions - October Admissions - Year-to-Date 4,516 3, ,292

3 Consolidated Operating Margin January through October, 2018 $250,000 $200,000 $189,109 $180,108 $150,000 $113,379 $100,000 $83,765 $50,000 $41,250 $0 ($26,639) ($30,262) ($50,000) ($58,251) ($81,161) ($100,000) ($118,117) ($150,000) Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18

4 Covenant Hospice Operating Margin October ($279,825) ($14,234) ($265,591) Year-to-date ($924,722) ($153,710) ($771,012) Excess of Revenue over Expenses October ($270,023) $51,008 ($321,032) Year-to-date $2,814,131 $677,859 $2,136,271 Statistical Highlights October Year-to-Date Average Daily Census Average Length of Stay Total Admissions 408 4,516 Home Hospice Admissions 253 2,636 Inpatient Admissions 155 1,880 Deaths 346 3,885 Live Discharges

5 Covenant Hospice Average Daily Census November October Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18

6 Covenant Home Health Care Operating Margin October $290,799 $177,401 $113,398 Year-to-date $1,758,347 $1,725,005 $33,342 Excess of Revenue over Expenses October $264,806 $158,555 $106,251 Year-to-date $1,590,757 $1,536,540 $54,217 Statistical Highlights October Year-to-Date Average Daily Census Total Admissions 404 3,748 New Medicare and Medicare-Like Episodes 411 4,289 Recertification Rate 29% 33% Average Medicare Payment per Episode $ 2,442 $ 2,439 Average Medicare Case Mix Weight

7 Covenant Home Health Care Average Daily Census November October Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18

8 The Residence Memory Care Center Operating Margin October ($4,900) $231 ($5,131) Year-to-date ($277,849) ($99,312) ($178,537) Excess of Revenue over Expenses October ($5,437) $1,929 ($7,366) Year-to-date ($281,094) ($110,307) ($170,787) Statistical Highlights October Year-to-Date Average Daily Census Total Admissions 1 28

9 The Residence Memory Care Center Average Daily Census January October Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18

10 Other Entities Covenant Health & Community Services October operating margin of ($28,713) and Net Loss of ($29,088) YTD operating loss is ($306,221) and a YTD net loss is ($309,971) Covenant Hospice Foundation October Operating Loss of ($25,856) and a Net Loss of ($34,480) YTD Operating Income is $10,593 and YTD Net Loss is ($2,668,888), due primarily to the $3,000,000 gift to Covenant Hospice.

11 Covenant Care Consolidated Month of October Financial Results ACTUAL BUDGET VARIANCE % VARIANCE NET PATIENT/FAMILY CARE/PROGRAM REVENUE 6,044,288 6,281,865 (237,577) -3.8% TOTAL PATIENT/FAMILY CARE EXPENSES 4,159,515 4,120,217 39, % CONTRIBUTIONS FROM OPERATIONS 1,884,773 2,161,648 (276,876) -12.8% CONTRIBUTION % 31.2% 34.4% -3.2% GENERAL & ADMINISTRATIVE EXPENSES Other Direct 870, ,492 (34,797) -3.8% Payroll 882, ,862 (65,008) -6.9% Benefits 163, ,994 (15,676) -8.8% Allocation from CHCS (1,832) (0) (1,832) 0.0% TOTAL G&A EXPENSES 1,915,035 2,032,347 (117,312) -5.8% OPERATING MARGIN (30,262) 129,301 (159,563) % OPERATING MARGIN % -0.5% 2.1% -2.6% NON-OPERATING REVENUES Other Non-Operating Revenues 47,409 68,579 (21,170) -30.9% Other Non-Operating Expense (107,481) (43,317) (64,164) 148.1% NET NON-OPERATING REVENUE (60,073) 25,262 (85,334) % EXCESS OF REVENUE OVER EXPENSES (90,334) 154,563 (244,897) %

12 Covenant Care Consolidated YTD October Financial Results ACTUAL BUDGET VARIANCE % VARIANCE NET PATIENT/FAMILY CARE/PROGRAM REVENUE 60,208,468 61,440,221 (1,231,752) -2.0% TOTAL PATIENT/FAMILY CARE EXPENSES 40,003,457 40,549,687 (546,230) -1.3% CONTRIBUTIONS FROM OPERATIONS 20,205,011 20,890,533 (685,523) -3.3% CONTRIBUTION % 33.6% 34.0% -0.4% GENERAL & ADMINISTRATIVE EXPENSES Other Direct 8,988,562 8,994,904 (6,342) -0.1% Payroll 9,208,639 9,208, % Benefits 1,715,373 1,756,099 (40,726) -2.3% Allocation from CHCS 154 (0) % TOTAL G&A EXPENSES 19,912,728 19,959,175 (46,447) -0.2% OPERATING MARGIN 292, ,358 (639,076) -68.6% OPERATING MARGIN % 0.5% 1.5% -1.0% NON-OPERATING REVENUES Other Non-Operating Revenues 4,463, ,292 3,574, % Other Non-Operating Expense (3,823,194) (424,212) (3,398,982) 801.2% NET NON-OPERATING REVENUE 640, , , % EXCESS OF REVENUE OVER EXPENSES 932,585 1,396,439 (463,854) -33.2%

13 Consolidated Balance Sheet October 31, 2018 ASSETS TOTAL CASH & INVESTMENTS 23,977,504 NET ACCOUNTS RECEIVABLES 13,101,861 OTHER CURRENT ASSETS 6,240,434 TOTAL CURRENT ASSETS 43,319,800 LAND 1,936,722 BUILDINGS & IMPROVENTS 14,659,443 LEASEHOLD IMPROVEMENTS 4,475,076 FURNITURE, FIXTURES & EQUIPMENT 10,166,059 CONSTRUCTION IN PROGRESS 117,278 31,354,578 LESS ACCUMULATED DEPRECIATION (14,748,770) NET PROPERTY & EQUIPMENT 16,605,808 GOODWILL - PEOPLES 9,073,350 OTHER INTANGIBLE ASSETS 342,980 TOTAL INTANGIBLE ASSETS 9,416,330 TOTAL ASSETS 69,341,938 LIABILITIES & FUND BALANCE CURRENT LIABILITIES CURRENT PORTION L/T DEBT 483,954 ACCOUNTS PAYABLE 3,015,990 ADVANCES AGAINST ACCOUNTS RECEIVABLE 4,078,634 DEFERRED REVENUE (327,081) ACCRUED SALARY & WAGES 4,303,491 TOTAL CURRENT LIABILITIES 11,554,988 LONG-TERM LIABILITIES MORTGAGE PAYABLE 5,598,835 OTHER LONG TERM LOANS 6,863,814 LINE OF CREDIT LOANS 6,868,100 LESS CURRENT PORTION (483,954) BOND ISSUANCE COSTS (55,198) LONG-TERM CHARITABLE ANNUITIES 13,095 TOTAL LONG-TERM LIABILITIES 18,804,693 TOTAL LIABILITIES 30,359,681 NET ASSETS: UNRESTRICTED 35,080,925 BOARD DESIGNATED 885,072 TEMPORARILY RESTRICTED 3,016,260 TOTAL NET ASSETS 38,982,256 TOTAL LIABILITIES & NET ASSETS 69,341,938

14 Covenant Care October 2018 Balance Sheet Key Ratios DAYS CASH & INVESTMENTS ON HAND 124 DAYS UNRESTRICTED CASH & INVESTMENTS ON HAND 22 (NOTE 1) DAYS REVENUE OUTSTANDING 66 (NOTE 2) DAYS PAYABLE OUTSTANDING 38 DEBT TO FUND BALANCE 48.24%(NOTE 3) CURRENT RATIO 3.7 (NOTE 4) NOTES: 1. Approx. $15,900,000 of the Covenant Hospice investment portfolio is restricted to satisfy the requirements of a loan commitment. 2. After deducting the net valuation of Florida Medicaid Managed Care receivables, Days Revenue Outstanding are Debt is defined as bond and loan indebtedness. 4. Current ratio = Current assets divided by current liabilities