Quarterly Report For the Period Ending 9/30/14

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1 This Document is Dated as of November 24, SPECIAL NOTE CONCERNING FORWARD-LOOKING STATEMENTS: Certain of the discussions included in the Management Discussion and Analysis section of the following document may include forward-looking statements which involve known and unknown risks and uncertainties inherent in the operation of healthcare facilities. Actual actions or results may differ materially from those discussed below. Specific factors that might cause such differences include competition from other healthcare facilities in the service areas of Good Shepherd s facilities, federal and state regulation of healthcare providers, and reimbursement policies of the state and federal governments and managed care organizations. In particular, statements preceded by, followed by or that include the words believes, estimates, expects, anticipates, plans, intends, scheduled, or other similar expressions are or may constitute forward-looking statements. Quarterly Report For the Period Ending 9/30/14 Concerning Good Shepherd Rehabilitation Network And Controlled Entities The information in this report has been provided by Good Shepherd Rehabilitation Network and Controlled Entities

2 Good Shepherd Rehabilitation Network And Controlled Entities Reporting Package As of and for the Three Month Period Ended September 30, 2014 Page A. Good Shepherd Rehabilitation Network and Controlled Entities Management Discussion and Analysis 1 Balance Sheet Obligated Group and Consolidated 5 Statement of Operations Obligated Group and Consolidated 7 Statement of Cash Flows Consolidated 8 B. Good Shepherd Rehabilitation Network Obligated Group Selected Financial Ratios 9 C. Other Updates to Appendix A to the Official Statement The Good Shepherd Rehabilitation Hospital - Utilization of Services 10 The Good Shepherd Home Long-Term Care Facility, Inc. Utilization 11

3 Introduction Good Shepherd Rehabilitation Network and Controlled Entities Management Discussion and Analysis As of and for the Three Month Period Ended September 30, 2014 SPECIAL NOTE CONCERNING FORWARD-LOOKING STATEMENTS: Certain of the discussions included in this document may include forward-looking statements which involve known and unknown risks and uncertainties inherent in the operation of healthcare facilities. Actual actions or results may differ materially from those discussed below. Specific factors that might cause such differences include competition from other healthcare facilities in the service areas of Good Shepherd s facilities, federal and state regulation of healthcare providers, and reimbursement policies of the state and federal governments and managed care organizations. In particular, statements preceded by, followed by or that include the words believes, estimates, expects, anticipates, plans, intends, scheduled or other similar expressions are or may constitute forwardlooking statements. This Management Discussion and Analysis compares financial and volume data for Good Shepherd Rehabilitation Network and Controlled Entities (Good Shepherd). Certain matters are discussed and graphically presented in order to compare the current and prior periods. The Consolidated operating results of Good Shepherd Rehabilitation Network (GSRN) had a positive Operating Margin for the three months ended September 30, The $1.6 million operating gain was equivalent to a 4.7% operating margin, compared to a $3.6 million or 10.7% operating margin in the first three months of the preceding fiscal year. The periods include $1.4 million and $2.3 million, respectively, for the equity share of the profits generated by Good Shepherd Penn Partners (GSPP). The graph below depicts the quarterly operating margins over the past five quarters. 1

4 Operating Margin performance at GSRN (Lehigh Valley operations) declined period over period (September 30, 2014 verses September 30, 2013) at $.1 million and $1.3 million, respectively. When comparing the current and prior year to date, Allentown Rehab Hospital s operating margin declined by $.6 million. Revenues were stronger than prior year, but increased expenses due to higher patient acuity, physician recruitment, and higher employee benefits resulted in an overall decline in operating margin. Good Shepherd Specialty Hospital continues to operate at healthy operating margin. The operating margin percentages for the current and prior year to date periods were almost identical at 9.9% and 9.6% respectively. Comparing the two periods, net revenue increased 8.6% which was partially offset by an 8.3% increase in expenses. This resulted in an overall operating margin improvement of $43k. The components of Good Shepherd s operating margin for the three month periods ended September 30, 2014 (YTD FY 2015) and September 30, 2013 (YTD FY 2014) are delineated within the following summary: Statement of Operations Net Patient Service Revenue (before the provision for doubtful collections) increase between three-month periods by $1.2 million, or a 4.2% increase. Within the services lines, Net Patient Service Revenue growth occurred in the Rehabilitation Hospital s Inpatient service line ($473k), at the Specialty Hospital ($404k), within the Physicians Group ($189K), and in the Outpatient service line ($60k). The Provision for Doubtful Collections, now reported as a component of Net Revenue, decreased between three month periods by $85k. As previously indicated, the current three-month period reflects Equity in Investment in Unconsolidated Subsidiary of $1.4 million, which is $.9 million lower than the corresponding threemonth period of the previous year. Contributions also declined between periods by $251k due to lower bequests. As a result, Total Unrestricted Revenues, Gains and Other Support decreased between periods by ($.1) million, or (.3%). 2

5 Salaries and Benefits represent the largest component of Total Expenses, at $20.1 million or 66.0% for the three-month period ended September 30, 2014 and $19.5 million or 65.2% for the three-month period ended September 30, Salary and Benefits have increased by 7.7% between periods, while FTE s increased 4.1% (1,096 versus 1,053). In addition to the 4.1% increase in FTEs, employee benefits drove the increase between quarters as the current year was $420k higher than the prior period. Employee benefits costs have increased due to higher health insurance plan costs. Supplies and Other Expenses increased $425k, or 6.5% between periods mainly due to increased pharmacy and supply costs for the higher acuity patients. Interest expense decreased between periods by approximately $26K. Balance Sheet Days Cash on Hand improved from 713 to 754 days between September 30, 2013 and 2014 and Days in Account Receivable increased slightly from 51 to 53 days between periods. On January 23, 2007, Good Shepherd Rehabilitation Network entered into the joint venture agreement with the University of Pennsylvania Health System to form GSPP. As a result, an Investments in and Other Assets Pertaining to Unconsolidated Subsidiary was recorded. The balance as of September 30, 2014, was $44.0 million. This is a $1.0 million decrease from the prior period ended September 30, This decrease reflects positive earnings the past twelve months reduced by $6.2 million in dividends received by Good Shepherd. The Derivative Financial Instruments balance reflects two interest rate swap agreements used to hedge variable rate interest exposure on certain long-term debt. The notional amount of the first swap is $11.2 million and relates to the 2000 bond issue and was entered into in November of The second swap has a notional amount of $20.8 million entered on behalf of the Series B 2007 bonds. The market value of both swaps increased from a liability of $4.2 million to a liability of $4.5 million between periods, reflecting the recent anomalies between taxable and tax-exempt interest rates. The fixed interest rate on the swaps is 3.3% and 3.6%, respectively. The Demand Note Payable represents borrowings under a $12 million unsecured bank line of credit agreement with interest at LIBOR plus 0.75% and an availability fee equal to 0.175% per annum on the unused portion of the line of credit. The line of credit has a current expiration date of February 28, At September 30, 2014 there was no amount outstanding. Estimated Third-Party Payor Settlements are conservatively recorded on the Balance Sheet in relation to third-party settlements and other current liabilities. Settlements to Medicare, Blue Cross and Medicaid are currently $2.2 million. All reserves for both third party settlements and other current liabilities are reviewed and revalued on a monthly basis, as necessary. Accrued and Prepaid Pension Cost reflects the impact of FASB ASC 715 related to the Good Shepherd Rehabilitation Defined Benefit Pension Plan and resulted in a $1.7 million reduction between periods. This reflects a change in the funded status when comparing the plan assets at fair value with the projected benefit obligations. The increase in asset values related to the market and some changes in actuarial assumptions caused the shift. Good Shepherd Rehabilitation Network and Good Shepherd Penn Partners have established an internal practice of funding the defined benefit plan assets at the same level as the FASB ASC 715 expense. This funding exceeds the minimum funding requirements established by ERISA. 3

6 Bonds and Bond Covenants On December 1, 2011 Good Shepherd Rehabilitation Network restructured the Series A 2008 and Series B 2007 Bond issues. This was a restructuring of $39.5 million of variable rate debt through a conversion to a direct purchase of the bonds by Wells Fargo Bank, NA. The new debt is based on an Interest Rate Floating Index and is for a seven year term. This arrangement replaces the previous credit facilities provided by Wells Fargo on the two bond issues through a Direct Pay Letter of Credit and a Standby Bond Purchase Agreement, which were both three year terms. The main reason for the restructuring was to secure a longer term (7 years verses 3 years) on the guarantee and to eliminate the interest rate risk that was associated with the variable rate debt. It also eliminated the risk associated with the downgrading of Assured Guaranty who previously provided the bond insurance for the 2007 B bonds, and the potential risk of Wells Fargo being downgraded because they provided the credit facility for the 2008 A bonds. In December 2012, the Lehigh County General Purpose Authority issued $31,730,000 of its tax-exempt revenue bonds (the 2012 Bonds ) for the purpose of financing and reimbursing the Obligated Group for the costs of (a) advance refunding the 2004 Bonds: (b) funding the cost of various capital projects: and (c) funding the payment of issuance costs of the 2012 bonds. The financing resulted in a loss on extinguishment of debt of $3.7 million which was previously recorded a as reduction to Revenue in Excess of Expenses. In December 2012, Good Shepherd Workshop/ Vocational Services, Inc. was removed as an Obligated Group member within Good Shepherd s Long-Term Debt Agreements. This was a result of the discontinuation of operations subsequent to the sale of substantially all of the assets to Keystone Goodwill. Good Shepherd Rehabilitation Network and Controlled Entities, through the Obligated Group, as defined, are required to meet certain financial covenants under their various Long-Term Debt Agreements. One of the covenants requires the Obligated Group to maintain a Debt Service Coverage ratio of The calculation compares Maximum Annual Debt Service to Revenue in Excess of Expenses, adjusted for Depreciation, Amortization and Interest Expense. The calculation also provides that certain items, such as the Loss on Extinguishment of Debt and Unrealized Losses on Securities are excluded from the Debt Service Coverage calculation. Management interpreted certain matters with respect to the Debt Service Coverage calculation. Unrealized gains and losses relating to alternative investments are required to be included as part of Revenue in Excess of Expenses, per accounting guidance. Since Unrealized Losses on Securities represent a specific exclusion from the Debt Service Coverage calculation, they were excluded. All debt covenants associated with the Master Trust Indenture and the Wells Fargo Direct Pay Letter of Credit have been comfortably achieved. 4

7 Good Shepherd Rehabilitation Network and Controlled Entities Obligated Group and Consolidated Balance Sheet As of September 30, 2014 and 2013 Obligated Group Consolidated Unaudited Unaudited Unaudited Unaudited as of as of as of as of 09/30/14 09/30/13 09/30/14 09/30/13 Assets CURRENT ASSETS: Cash and cash equivalents 11,766,712 3,916,636 13,714,596 4,871,262 Resident funds 149, , , ,339 Short-term investments 14,712 35,273 14,712 35,273 Assets whose use is limited 82, ,755,039 3,870,326 Accounts receivable, patients 14,265,357 12,971,005 16,653,533 15,357,923 Other receivables 1,644,750 1,535,445 1,644,750 1,535,445 Amount due from affiliates 1,277,080 1,267,465 1,278,229 1,267,465 Estimated third-party payor settlements 525, , , ,409 Inventories of drugs and supplies 543, , , ,404 Prepaid expenses and other current assets 1,285,075 1,473,321 1,405,144 1,568,070 Total current assets 31,554,226 22,301,168 40,683,982 29,606,916 ASSETS WHOSE USE IS LIMITED 8,753,383 9,686,614 8,753,383 9,686,614 ASSETS WHOSE USE IS LIMITED: Board Designated 2,212,500 2,362,500 2,212,500 2,362,500 INVESTMENTS Unrestricted 232,791, ,665, ,416, ,290,173 Temporarily Restricted 5,714,131 4,064,297 5,714,131 4,064,297 Permanently restricted 16,651,575 16,237,608 16,651,575 16,237,608 Total investments 255,157, ,967, ,782, ,592,078 INVESTMENTS IN AND OTHER ASSETS PERTAINING TO UNCONSOLIDATED SUBSIDIARY 44,008,235 45,028,599 44,008,235 45,028,599 PROPERTY AND EQUIPMENT, Net 59,153,103 60,791,670 60,996,146 62,826,842 BENEFICIAL INTEREST IN: Perpetual trusts 11,583,135 10,477,027 11,583,135 10,477,027 Charitable remainder trusts 8,969,628 10,949,350 8,969,628 10,949,350 PLEDGES RECEIVABLE, Net 1,587,170 1,496,570 1,587,170 1,496,570 DEFERRED FINANCING COSTS, Net 2,099,054 2,194,843 2,099,054 2,194,843 OTHER NON-CURRENT ASSETS 1,911,173 2,005,488 1,924,834 2,018,848 TOTAL 426,988, ,260, ,600, ,240,187 5

8 Good Shepherd Rehabilitation Network and Controlled Entities Obligated Group and Consolidated Balance Sheet As of September 30, 2014 and 2013 Obligated Group Consolidated Unaudited Unaudited Unaudited Unaudited as of as of as of as of 09/30/14 09/30/13 09/30/14 09/30/13 Liabilities and Net Assets CURRENT LIABILITIES Demand note payable Current portion of long-term debt 2,840,000 2,530,000 2,840,000 2,530,000 Accounts payable, trade 4,143,296 4,200,817 4,742,789 4,739,059 Estimated third-party payor settlements 1,664,132 1,447,623 2,243,636 2,039,934 Advance from third party payor 277, , , ,900 Accrued expenses 10,194,727 7,643,162 11,838,183 8,605,255 Resident funds 149, , , ,339 Amount due to affiliates 16,370,804 14,435, Total current liabilities 35,640,464 30,678,951 22,092,113 18,336,487 LONG-TERM DEBT: Revenue bonds 108,441, ,358, ,441, ,358,771 Mortgages payable 1,675,500 1,675,500 Total long-term debt 108,441, ,358, ,116, ,034,271 DERIVATIVE FINANCIAL INSTRUMENTS 4,499,799 4,205,024 4,499,799 4,205,024 ACCRUED PENSION COST 11,682,879 13,349,992 11,682,879 13,349,992 OTHER LIABILITIES 4,236,583 7,076,395 5,804,664 8,294,047 Total liabilities 164,501, ,669, ,196, ,219,821 NET ASSETS Unrestricted 219,602, ,630, ,518, ,059,313 Temporarily restricted 13,462,043 11,040,422 13,462,043 11,040,422 Permanently restricted 29,423,732 27,920,631 29,423,732 27,920,631 Total net assets 262,487, ,591, ,404, ,020,366 TOTAL 426,988, ,260, ,600, ,240,187 6

9 Good Shepherd Rehabilitation Network and Controlled Entities Obligated Group and Consolidated Statement of Operations For the Three Month Periods Ended September 30, 2014 and 2013 Obligated Group Consolidated Unaudited Unaudited Unaudited Unaudited Period Period Period Period Ending Ending Ending Ending 09/30/14 09/30/13 09/30/14 09/30/13 UNRESTRICTED REVENUE, GAINS, AND OTHER SUPPORT: Net patient service revenues 24,543,230 23,785,758 28,812,369 27,651,032 Provision for doubtbul collections (34,579) (18,906) (78,027) 7,181 Net patient service revenue less provision for doubtful collections 24,508,651 23,766,853 28,734,343 27,658,213 Other operating revenues 463, , , ,348 Professional services revenue 2,368,656 2,517,413 1,508,460 1,440,370 Contributions 435, , , ,139 Equity in (loss) on investment in unconsolidated subsidiary 1,415,502 2,298,998 1,415,502 2,298,998 Gains (losses) on disposal of property and equipment Net assets released from restrictions for operations 366, , , ,004 Total unrestricted revenues, gains, and other support 29,557,719 30,204,469 33,304,790 33,402,356 EXPENSES: Salaries and wages 15,117,497 14,160,024 16,470,233 15,390,003 Supplies and other expenses 5,537,581 5,212,544 6,984,953 6,559,544 Employee benefits 4,115,203 3,974,242 4,485,961 4,065,783 Depreciation and amortization 1,872,656 1,825,414 1,944,309 1,899,863 Interest 1,244,310 1,270,612 1,244,310 1,270,612 Professional fees 502, , , ,976 Total 28,389,258 26,964,985 31,749,590 29,828,781 OPERATING INCOME 1,168,461 3,239,484 1,555,200 3,573,575 OTHER INCOME (EXPENSE): Investment (Loss) Income 3,335,139 2,213,980 3,335,139 2,213,980 Unrealized Gain / Loss Alternative Investment 399, , , ,823 REVENUE IN EXCESS OF EXPENSES 4,903,354 5,919,287 5,290,093 6,253,378 CHANGE IN NET UNREALIZED GAINS AND LOSSES ON INVESTMENTS OTHER THAN TRADING SECURITIES (8,654,363) 8,253,742 (8,654,363) 8,253,742 CHANGE IN FAIR VALUE OF DERIVATIVE FINANCIAL INSTRUMENTS 139, , , ,822 NET ASSETS RELEASED FROM RESTRICTIONS FOR PURCHASE OF PROPERTY AND EQUIPMENT 118, , , ,370 INCREASE IN UNRESTRICTED NET ASSETS (3,493,155) 14,538,221 (3,106,416) 14,872,312 7

10 Good Shepherd Rehabilitation Network and Controlled Entities Consolidated Statement of Cash Flows For the Three Month Periods Ended September 30, 2014 and 2013 Unaudited Unaudited Period Period Ending Ending 09/30/14 09/30/13 CASH FLOWS FROM OPERATING ACTIVITIES: Increase (decrease) in net assets (3,445,980) 15,434,615 Adjustments to reconcile increase (decrease) in net assets to net cash provided by operating activities: Depreciation and amortization 1,944,310 1,899,863 Amortization of debt premium (16,847) (19,964) (Gain) loss on disposal of property and equipment - (284) Provision for bad debts 78,027 (7,181) Net realized and unrealized gains on investments 8,625,644 (11,596,948) Restricted contributions and investment income (756,086) (237,933) Change in fair value of derivative financial instruments (139,241) (222,822) Income on investment in unconsolidated subsidiary (1,415,502) (2,298,998) Changes in assets and liabilities: - - Accounts receivable, patients (316,584) 1,133,537 Other receivables 644,494 (313,955) Estimated third-party payor settlements 29,697 (172,732) Inventories of drugs and supplies (6,458) 24,523 Prepaid expenses and other current assets 54,573 (39,080) Account payable, trade 757, ,247 Accrued expenses and other liabilities 1,492,191 1,111,853 Net cash provided by operating activities 7,529,666 4,867,741 CASH FLOWS FROM INVESTING ACTIVITIES: Increase in investments (4,044,404) (1,130,012) Decrease in investment in and other assets pertaining to unconsolidated subsidiary 502, ,587 Cash dividends received from unconsolidated subsidiary 1,412,600 - Proceeds from sale of property and equipment Purchase of property and equipment (1,779,479) (842,322) Net cash used in investing activities (3,908,662) (1,268,447) CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of demand note payable - (1,844,002) Restricted contributions and investment income 334, ,374 Decrease in annuities payable and trusts (4,569) (9,659) Net cash used for financing activities 329,656 (1,242,287) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 3,950,660 2,357,007 CASH AND CASH EQUIVALENTS, BEGINNING 9,763,936 2,514,255 CASH AND CASH EQUIVALENTS, ENDING 13,714,596 4,871,262 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION, Cash paid for interest 8 2,604,318 2,647,217

11 Good Shepherd Rehabilitation Network Obligated Group Selected Financial Ratios For the Fiscal Year Ending Three Months Ended /30/14 09/30/13 Operating Cash Flow Margin (1) 12.6% 17.8% 13.8% 15.4% 16.6% 14.5% 21.0% Long-Term Debt to Capitalization (2) 48.7% 40.5% 42.8% 38.1% 32.7% 33.1% 36.3% Debt Service Coverage (3) Operating Margin Ratio (4) -0.8% 5.9% 2.1% 4.1% 6.2% 4.0% 10.7% Return on Equity Ratio (5) 4.0% 10.2% 2.2% 5.5% 8.0% 8.9% 12.0% Cushion Ratio (6) Days Cash on Hand (7) Days in Accounts Receivable (8) Obligated Group % of Total Assets (9) 97.5% 98.0% 98.1% 98.8% 98.5% 98.5% 98.8% Obligated Group % of NPSR (10) 82.7% 83.8% 84.4% 85.0% 84.5% 85.3% 85.9% Obligated Group % of Total Expenses (11) 90.7% 90.5% 91.2% 91.0% 90.3% 89.4% 90.4% Cash to Debt (12) Debt to Operating Cash Flow (13) (1) Defined as the sum of Operating Income (Loss) before Abandonment of Capital Project and Extinguishment of Debt, Interest Expense and Depreciation and Amortization Expense divided by Total Operating Revenue. (2) Defined as Non-Current Portion of Long-Term Debt divided by the sum of Non-Current Portion of Long-Term Debt and Unrestricted Net Assets. (3) Defined as the sum of Revenue in Excess of Expenses and Interest Expense and Depreciation and Amortization Expense divided by Maximum Annual Debt Service. (4) Defined as Operating Income (Loss) before Abandonment of Capital Project and Extinguishment of Debt divided by Total Operating Revenue. (5) Defined as Revenue in Excess of Expenses (Annualized) divided by Unrestricted Net Assets. (6) Defined as the sum of Cash, Unrestricted Investments (Short and Long Term), and Board Designated Funds divided by Maximum Annual Debt Service. (7) Defined as the sum of Cash, Unrestricted Investments (Short and Long Term), and Board Designated Funds less 50% of all outstanding Shortterm Indebtedness divided by the quotient of the sum of Total Expenses less Depreciation, Amortization, and Interest Expense divided by 365 days. (8) Defined as Total Net Patient Accounts Receivable and Work Services Accounts Receivable multiplied by 365 days divided by Net Patient Service Revenues and Work Services revenue. (9) Defined as Obligated Group's Total Assets divided by Total Consolidated Assets. (10) Defined as Obligated Group's NPSR divided by Total Consolidated NPSR. (11) Defined as Obligated Group's Total Expenses divided by Total Consolidated Expenses. (12) Defined as the sum of Cash, Unrestricted Investments (Short and Long Term) and Assets Whose Use is Limited-Board Restricted divided by Long Term Debt net of Current Portion. (13) Defined as Long Term Debt net of Current portion divided by the sum of Operating Income (Loss) before Abandonment of Capital Project and Extinguishment of Debt, Depreciation and Amortization Expense and Interest Expense. 9

12 Good Shepherd Rehabilitation Network and Controlled Entities The Good Shepherd Rehabilitation Hospital - Utilization of Services The following table sets forth historical inpatient utilization statistics for the Rehabilitation Fiscal Year Ended June 30 Three Months Ended Inpatient Utilization /30/14 09/30/13 Number of Licensed Beds Average Beds in Service Admissions 1,796 1,908 1,895 1,940 1, Patient Days 24,834 27,473 29,033 29,017 28,811 7,203 7,220 Percent Occupancy 69.4% 76.0% 77.8% 75.0% 74.5% 73.9% 74.0% Average Length of Stay The following table sets forth historical outpatient visit statistics for the Rehabilitation Hospitals and their satellites: Fiscal Year Ended June 30 Three Months Ended Outpatient Visits /30/14 09/30/13 Hospital 81,221 81,479 87,699 91,280 91,937 22,444 24,404 Satellites 111, , , , ,227 31,902 30,863 Contracted Services 22,835 20,242 11,659 9,286 10,936 2,911 2,610 Total 215, , , , ,100 57,257 57,877 The following table delineates the payor mix based on gross revenues for the Rehabilitation Hospitals' business line: Fiscal Year Ended June 30 Three Months Ended Payor Mix /30/14 09/30/13 Medicare 34.9% 32.4% 33.5% 33.1% 33.4% 30.7% 33.8% Managed Care 25.9% 26.8% 24.9% 27.1% 27.6% 28.4% 28.5% Medical Assistance 13.6% 14.6% 16.1% 17.3% 16.6% 19.0% 17.5% Commercial/Auto 7.4% 7.7% 6.0% 6.2% 6.9% 8.1% 5.2% Blue Cross 10.0% 10.5% 11.8% 9.4% 9.4% 6.8% 8.8% Workers' Compensation 3.5% 3.6% 3.6% 3.3% 2.9% 3.2% 3.0% Self Pay 0.5% 0.5% 0.7% 0.8% 0.7% 0.7% 0.6% Other 4.2% 3.9% 3.5% 2.9% 2.6% 2.9% 2.5% 10

13 Good Shepherd Rehabilitation Network and Controlled Entities The Good Shepherd Home Long Term Care Facility, Inc. - Utilization Fiscal Year Ended June 30 Three Months Ended /30/14 09/30/13 Beds Available Days Available 58,035 58,035 58,194 58,035 58,035 14,628 14,628 Percentage Occupancy 99.48% 99.65% 99.62% 99.44% 99.60% 99.46% 99.61% Inpatient Days 57,733 57,829 57,972 57,711 57,801 14,549 14,571 11

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