MAIMONIDES MEDICAL CENTER. Interim Financial Statements. For the Three Months Ended. March 31, 2017

Transcription

1 MAIMONIDES MEDICAL CENTER Interim Financial Statements For the Three Months Ended March 31, 2017

2 Interim Financial Statements March 31, 2017 Index Statement of Operations. 1 Inpatient Statistics.. 2 Outpatient Statistics. 3 Balance Sheet Statement of Cash Flows 5

3 Consolidated Statement of Operations For the Three Months Ended March 31, 2017 Month Year-to-Date Description Budget Actual Variance Budget Actual Variance Inpatient Service Revenue 66,955,119 64,762,130 (2,192,989) 196,855, ,834,199 (3,021,375) Outpatient Revenue (Incl. Faculty Practice) 29,223,196 31,419,746 2,196,550 80,957,010 83,468,668 2,511,658 Net Patient Service Revenue 96,178,315 96,181,876 3, ,812, ,302,867 (509,717) Other Operating Revenues 3,125,701 4,672,928 1,547,227 7,277,951 15,820,044 8,542,093 Total Operating Revenue 99,304, ,854,804 1,550, ,090, ,122,911 8,032,376 Operating Expenses Salaries 51,793,021 52,520,076 (727,055) 147,692, ,071, ,017 Supplies & Expenses 25,125,908 25,402,158 (276,250) 74,123,023 74,342,870 (219,847) Employee Benefits 14,736,901 14,707,168 29,733 44,074,423 43,736, ,376 Depreciation 4,097,044 4,097,044-12,291,132 12,291,132 - Interest 724, ,190 7,941 2,140,139 2,020, ,121 Insurance 4,384,015 4,381,513 2,502 13,152,045 13,143,903 8,142 Total Operating Expenses 100,861, ,824,149 (963,129) 293,473, ,605, ,809 Medical Center Net Revenue (Loss) (1,557,004) (969,345) 587,659 (8,383,190) 516,995 8,900,185 M2PC Loss from Operation (918,700) (1,302,902) (384,202) (2,736,000) (3,301,198) (565,198) Net Revenue (Loss) before Other Items (2,475,704) (2,272,247) 203,457 (11,119,190) (2,784,203) 8,334,987 Unrealized Gains (Losses) on Investments (166,058) 109,219 Change in Fair Value of Interest Rate Swap Agreements 133, ,524 Excess (Deficiency) of Revenues Over Expenses (2,304,643) (2,447,461) Page 1

4 Inpatient Statistics For The Three Months Ended March 31, 2017 CURRENT MONTH YEAR TO DATE Act vs Bud 2017 vs Act vs Bud 2017 vs 2016 Actual Budget Actual Variance Variance Actual Budget Actual Variance Variance Discharges Medicine - Excluding Cardiology 1,185 1,267 1,206 (61) 21 3,280 3,600 3, Medicine - Cardiology (25) (9) (1) 87 Total Medicine 1,396 1,494 1,408 (86) 12 3,824 4,232 4, Surgery (1) (50) (8) Trauma Center (77) (197) 210 Vascular Surgery Cardiac Surgery (9) (17) Thoracic Surgery (Non-Cardiac) (1) (8) (39) Neuro Surgery Orthopedics (25) (27) Urology (8) (6) (31) (25) Total Surgery (50) 70 1,507 1,891 1,619 (272) 112 GYN (31) (13) Pediatrics + Neonatal (11) (1) (13) (12) Total Adult & Pediatric Disch. 2,268 2,505 2,366 (139) 98 6,335 7,146 6,872 (274) 537 OBS ,152 2,153 2, Nursery ,840 1,809 1, Psychiatry (1) (26) 23 Total Disch, incl. Nurs. & Psych. 3,692 3,998 3,879 (119) ,673 11,503 11,294 (209) 621 Inpatient Days Medicine - Excluding Cardiology 7,556 7,599 7,194 (405) (362) 21,598 21,611 22,739 1,128 1,141 Medicine - Cardiology (41) (111) 2,728 2,533 2, (9) Total Medicine 8,529 8,502 8,056 (446) (473) 24,326 24,144 25,458 1,314 1,132 Surgery 2,937 3,098 2,838 (260) (99) 8,265 9,112 8,073 (1,039) (192) GYN (4) (104) (65) Pediatrics + Neonatal 1,818 1,813 2, ,688 5,264 5,228 (36) (460) Total Adult & Pediatric Days 13,424 13,569 13,060 (509) (364) 38,691 38,971 39, OBS 1,934 1,919 2, ,767 5,640 6, Nursery 1,371 1,406 1, ,164 4,098 4, Psychiatry 2,158 2,034 1,994 (40) (164) 6,128 5,978 5,965 (13) (163) Total Inp. Days incl. Nurs. & Psych. 18,887 18,928 18,488 (440) (399) 54,750 54,687 55, Average Length of Stay Medicine - Excluding Cardiology (0.03) (0.41) (0.34) Medicine - Cardiology (0.34) (0.71) Total Medicine (0.39) (0.40) Surgery (0.03) (0.82) (0.50) GYN (0.36) (0.51) (0.17) (0.21) Pediatrics + Neonatal (0.46) Total Adult & Pediatric A.L.O.S (0.40) (0.42) OBS (0.02) Nursery (0.01) (0.08) (0.00) (0.00) Psychiatry (0.19) (2.63) (1.55) Total Inp. Days incl. Nurs. & Psych (0.35) (0.23) Note: Short Stay Outliers included in total discharges Page 2

5 CURRENT MONTH OUTPATIENT STATISTICS For The Three Months Ended March 31, 2017 YEAR TO DATE Act vs Bud 2017 vs Act vs Bud 2017 vs 2016 Actual Budget Actual Variance Variance Actual Budget Actual Variance Variance EMERGENCY ROOM 10,474 10,823 9,301 (1,522) (1,173) 29,417 30,481 28,364 (2,117) (1,053) Less ER Admissions 2,106 2,078 2,063 (15) (43) 5,927 5,847 6, Less ER Walk Outs (28) (198) (56) (426) NET EMERGENCY ROOM VISITS 8,166 8,714 7,234 (1,480) (932) 23,030 24,544 22,002 (2,542) (1,028) EMERGENCY ROOM OB VISITS 1,173 1,154 1,131 (23) (42) 3,284 3,242 3, Less ER-OB Admissions (13) (23) 1,745 1,734 1,718 (16) (27) Less ER-OB Walk Outs NET EMERGENCY ROOM VISITS (10) (19) 1,539 1,508 1, TOTAL NET EMERGENCY ROOM 8,752 9,291 7,801 (1,490) (951) 24,569 26,052 23,660 (2,392) (909) PATIENTS IN OBSERVATION Hours of Diversion (8.25) (47.92) ARTICLE 28 CLINICS 48th Street Clinic 5,280 4,884 5, ,081 13,694 14,864 1, Cardiology Clinic 1,936 1,966 2, ,105 5,140 5, Cardiac Rehab (40) (32) (220) (185) 57th Street Clinic 3,369 2,928 2,713 (215) (656) 8,928 8,625 8,129 (496) (799) 7th Avenue Clinic 1,308 1,116 1, (176) 3,339 3,298 3,295 (3) (44) 13th Avenue Clinic ,803 1,817 2, Newkirk Clinic 1,416 1,225 1, (109) 3,727 3,653 3, Life Forward Clinic (3) TOTAL ARTICLE 28 CLINICS 14,244 13,062 13, (326) 37,809 37,070 38,882 1,812 1,073 OTHER OUTPATIENT Referred Procedures 3,997 3,776 3,769 (7) (228) 10,383 10,402 10, MRI Endoscopy (38) (38) 1,111 1,116 1,047 (69) (64) Ambulatory Surgery * 1,000 1, (105) (96) 2,712 2,848 2,559 (289) (153) Ambulatory Caths TOTAL OTHER OUTPATIENT 5,756 5,505 5,475 (30) (281) 14,930 15,170 15,150 (20) 220 HYPERBARIC , WOUND CARE (28) SLEEP LAB (31) (40) (38) (51) LITHOTRIPSY (9) (29) (22) (48) REHABILITATION THERAPIES Physical Therapy 1,541 1,449 1,419 (30) (122) 3,729 3,702 3, Occupational Therapy (52) (65) (83) (47) Speech Therapy (10) (16) (2) (37) TOTAL THERAPIES 1,934 1,823 1,731 (92) (203) 4,621 4,594 4,585 (9) (36) ARTICLE 28 CMHC Psych Clinic - Adult 4,187 4,125 4,000 (125) (187) 11,022 11,152 10,828 (324) (194) Psych Clinic - Children 1,446 1,478 1,424 (54) (22) 3,750 4,104 3,837 (267) 87 TOTAL ARTICLE 28 CMHC 5,633 5,603 5,424 (179) (209) 14,772 15,256 14,665 (591) (107) ARTICLE 28 CANCER CENTER Breast Surgery 1,005 1, (307) (311) 2,765 2,561 2,041 (520) (724) Hematology Oncology 2,878 3,386 3,365 (21) 487 7,835 8,660 9, ,224 Mammography 1,493 1,594 1, ,923 4,076 4, MRI - Cancer Center (18) (24) (29) (119) Hematology Oncology-Peds (36) (0) 4 PET Scans Radiation Oncology 1,316 1,385 1,337 (48) 21 3,484 3,543 3, Cancer Center Counseling TOTAL CANCER CENTER 7,681 8,466 8,321 (145) ,784 21,653 22, ,752 * Ambulatory Surgery includes visits registered as Ambulatory Surgery, Minor Surgery and Ambulatory Laser. Page 3

6 Consolidated Statements of Financial Positions Audited Audited March December March December Assets (In Thousands) Liabilities and net assets (In Thousands) Current assets: Current liabilities: Cash & cash equivalents $ 653 $ 19,394 Accounts payable and accrued expenses $ 80,989 $ 78,178 Short-term investments 80,230 79,368 Total cash, cash equivalents and short-term investments 80,883 98,762 Construction payable 4,567 6,641 Assets limited as to use, current portion: Board designated 65,233 50,664 Accrued salaries and related liabilities 85,810 89,980 DSRIP 56,625 41,988 Receivables for patient care, net of Current portion of long-term debt and allowance for doubtful accounts 172, ,983 capital lease obligations 47,927 48,730 Due from affiliates, net, current portion 17,514 15,394 Supplies, at average cost 11,028 10,812 Line of credit and short-term loan borrowings 25,516 25,516 Estimated insurance claims receivable, current portion 29,153 29,153 Estimated insurance claims liabilities, current portion 29,153 29,153 Other current assets 37,504 33,492 Other current liabilities 65,108 55,849 Total current assets 470, ,248 Total current liabilities 339, ,047 Assets limited as to use, less current portion: Long-term debt and capital lease obligations, less current portion 185, ,934 Sinking funds 14,186 14,130 Accrued pension and post retirement benefits 84,639 82,491 Other noncurrent liabilities 61,757 62,528 Professional liabilities 37,699 38,575 Estimated insurance claims liabilities, less current portion 165, ,200 Total liabilities 873, ,775 Due from affiliates, net, less current portion 1,088 1,072 Net assets Property, plant and equipment, net 310, ,405 Unrestricted 253, ,721 Temporarily restricted 17,034 17,009 Equity in captive insurance program 151, ,670 Permanently restricted 1,132 1,132 Estimated insurance claims receivable, less current portion 165, ,200 Other assets 31,538 29,912 Total net assets 271, ,862 Total assets $ 1,144,853 $ 1,119,637 Total liabilities and net assets $ 1,144,853 $ 1,119,637 Page 4

7 Consolidated Statement of Cash Flows For the period ended 03/31/2017 with comparative figures as of 12/31/16 (In Thousands) Audited 03/31/17 12/31/16 Operating Activities Change in net assets (2,422) 21,460 Adjustments to reconcile change in net assets to net cash provided by operating activities: Depreciation and amortization 12,291 45,666 Loan forgiveness (Northwell Health) (7,250) (24,000) Changes in operating assets and liabilities Receivables for patient care (11,364) (372) Other Current Liabilities and construction payable 7,185 36,959 Accounts payable and accrued expenses and accrued salaries and related liabilities (1,359) 2,509 Other assets (6,669) (12,332) Other liabilities ,804 Due from affiliates (2,136) 585 Net cash provided by (used in) operating activities (10,946) 81,279 Investing activities Acquisitions of property plant and equipment-net (3,519) (30,722) Decrease (increase) in assets limited as to use (29,206) (48,234) Changes in sinking fund (55) 1,765 Net cash (used in) provided by investing activities (32,780) (77,191) Financing activities Unsecured loan drawdown (Northwell Health) 25,000 50,000 Repayments of long term debt & capital lease obligations (6,653) (50,458) Line of credit and short-term loan (repayment) drawdown - (6,960) Proceeds from financing 7,500 - Net cash (used in) provided by financing activities 25,847 (7,418) Net (decrease) increase in cash and cash equivalents (17,879) (3,330) Cash, cash equivalents and short term investments at beginning of year 98, ,092 Cash, cash equivalents and short term investments at end of period 80,883 98,762 Page 5