Interfaith Medical Center

Transcription

1 Interfaith Medical Center Financial Statements For the Twelve Months Ended December 31, 2011 (DRAFT)

2 TABLE OF CONTENTS Page Statement of Financial Position 1 Statement of Operations 2 Statement of Changes in Net Assets 3 Statement of Cash Flows 4 Schedule of Other Revenues 5 Ratios 6 Statistical Data 7A - 7B

3 STATEMENTS OF FINANCIAL POSITION Audited Audited December 31, December 31, December 31, December 31, ASSETS LIABILITIES AND EQUITIES Current assets Current liabilities Cash and cash equivalents $ 9,914,451 $ 2,531,134 Accounts payable and accrued expenses $ 26,979,067 $ 19,444,105 Accrued salaries and related withholdings 3,915,181 3,416,928 Accounts receivable: Accrued vacation payable 3,745,687 3,745,687 Patient care, less allowance for Accrued fringe benefits payable 2,141,149 2,141,149 uncollectibles 21,985,402 17,256,132 Accrued interest payable 2,224,678 2,285,344 Receivable from public goods pools 4,216,160 4,693,541 Current portion of long term debt 7,906,829 7,054,936 Grants & other receivable 2,648,227 1,101,067 Other current liabilities 1,483,000 1,483,000 Net accounts receivable 28,849,789 23,050,740 Current portion of estimated professional liabilities 4,767,677 6,356,780 Inventories 580,066 1,077,253 Deferred revenue 0 345,725 Prepaid and other current assets 262, ,138 Total current liabilities 53,163,269 46,273,653 Assets limited as to use-current portion 9,689,250 7,414,347 Total current assets 49,295,987 34,222,611 Noncurrent liabilities: Noncurrent assets: Long-term debt, less current installments 120,733, ,073,544 Assets limited as to use Estimated professional liabilities, less current portion 64,884,563 64,884,563 Marketable securities Accrued retirement benefits 28,560,596 26,989,473 Under bond indenture 18,606,194 16,854,913 Lease obligations 16,043,317 15,249,743 Lovett Escrow 6,785,398 7,722,125 Other noncurrent liabilities, less current portion 35,353,348 29,687,655 Escrow funds 401,108 22,212 Total noncurrent liabilities 265,575, ,884,979 Self Insured malpractice fund 14, ,145 Total liabilities 318,738, ,158,632 Depreciation reserve fund - - Permanently restricted 1,108,930 1,108,869 Foundation 3,530,121 13,357,575 Fund balance: 30,446,076 39,525,839 Unrestricted fund balance (156,365,977) (134,721,694) Less assets limited as to use-current portion (9,689,250) (7,414,347) Specific Purpose funds 2,460,240 2,436,867 Total assets limited as to use-noncurrent 20,756,826 32,111,493 Permanently restricted funds 1,108,848 1,108,848 Net assets deficiency (152,796,890) (131,175,979) Property, buildings and equipment-net 84,862,739 99,415,432 Deferred financing fees 1,922,181 2,120,685 Other long term assets 9,104,375 10,112,433 Total assets $ 165,942,107 $ 177,982,653 Total liabilities and net deficit $ 165,942,107 $ 177,982,653 Page - 1

4 STATEMENTS OF OPERATIONS TWELVE MONTHS ENDED DECEMBER 31, 2011 CURRENT MONTH YEAR TO DATE ACTUAL BUDGET VARIANCE ACTUAL BUDGET VARIANCE Revenue: Net inpatient revenue 19,141,581 13,218,667 5,922, ,549, ,223,857 (673,875) Net outpatient revenue 2,308,081 3,454,362 (1,146,281) 31,179,723 39,178,649 (7,998,926) Net patient revenue 21,449,662 16,673,029 4,776, ,729, ,402,506 (8,672,801) Other operating 3,877,365 1,285,230 2,592,136 16,556,387 15,166,396 1,389,991 Total revenue 25,327,028 17,958,259 7,368, ,286, ,568,902 (7,282,810) Expenses: Salaries and wages 8,601,662 8,825, , ,246, ,309,921 63,029 Employee benefits 2,110,140 2,941, ,504 31,692,693 34,853,401 3,160,708 Professional fees 124,415 70,881 (53,534) 917, ,478 (80,356) Medical supplies 833, , ,745 10,588,703 11,611,538 1,022,835 Other supplies 484, ,660 59,236 6,403,994 6,484,835 80,841 Purchased services 776,293 2,470,858 1,694,565 23,294,702 29,642,731 6,348,029 Utilities 137, , ,767 2,954,045 3,908, ,555 Insurance-est. malpractice 538, ,415 (85,343) 6,154,465 5,440,985 (713,480) Provision for bad debt 3,995, ,500 (3,300,000) 12,293,412 8,346,000 (3,947,412) Interest & mortgage fees 517, ,710 32,044 6,883,636 6,640,541 (243,095) Depreciation & amortization 1,375,000 1,375, ,500,000 16,500,000 0 Total operating expenses 19,494,887 19,252,689 (242,198) 221,930, ,576,030 6,645,655 Net profit/(loss) from operations $ 5,832,141 ($ 1,294,430) $ 7,126,570 ($ 21,644,283) ($ 21,007,128) ($ 637,155) Page - 2

5 STATEMENT OF CHANGES IN NET ASSETS TEMPORARILY PERMANENTLY UNRESTRICTED RESTRICTED RESTRICTED BALANCE BALANCE, JANUARY 1, 2011 ($ 134,721,694) $ 2,436,867 $ 1,108,848 ($ 131,175,979) Net profit/(loss) from operations (21,644,283) 23,373 - (21,620,911) BALANCE, DECEMBER 31, 2011 ($ 156,365,977) $ 2,460,240 $ 1,108,848 ($ 152,796,890) Page - 3

6 STATEMENT OF CASH FLOWS TWELVE MONTHS ENDED DECEMBER 31, 2011 Operating Activities Change in net assets ($ 21,620,911) Adjustments to reconcile net income to net cash provided by operating activities Depreciation and leasehold improvement amortization 16,500,000 Amortization of deferred financing fees 198,504 Changes in operating assets and liabilities: Decrease/(Increase) in accounts receivable (4,729,270) Decrease/(Increase) in other accounts receivable (1,069,779) Decrease/(Increase) in inventories 497,187 Decrease/(Increase) in prepaid other current assets (113,294) Decrease/(Increase) in other assets 1,008,058 (Decrease)/Increase in accounts payable 7,534,962 (Decrease)/Increase in accrued salaries and related benefits 498,253 (Decrease)/Increase in accrued vacation payable 0 (Decrease)/Increase in accrued fringe benefits payable 0 (Decrease)/Increase in accrued interest payable (60,666) (Decrease)/Increase in other liabilities 5,665,692 (Decrease)/Increase in estimated professional liabilities (1,589,102) (Decrease)/Increase in retirement benefits 1,571,123 (Decrease)/Increase in deferred revenue (345,725) Net cash provided by operating activities 3,945,034 Investing activities Acquisitions of property, building and equipment (1,947,307) Changes in assets limited as to use 9,079,764 Net cash used in investing activities 7,132,457 Financing activities Principal payments and repayment of long-term debt (3,694,173) Net cash used in financing activities (3,694,173) Net (decrease)/increase in cash and cash equivalents 7,383,318 Cash and cash equivalents at beginning of year 2,531,134 Cash and cash equivalents, December 31, 2011 $ 9,914,451 Page - 4

7 SCHEDULE OF OTHER REVENUES TWELVE MONTHS ENDED DECEMBER 31, 2011 THIS MONTH YEAR TO DATE ACTUAL BUDGET VARIANCE ACTUAL BUDGET VARIANCE Other operating revenue Physician Billings 545, , ,033 5,120,461 3,870,494 1,249,967 Grants 163, ,742 (217,942) 4,117,750 4,580,902 (463,152) Investment income 292, ,780 32,958 1,700,882 3,110,000 (1,409,118) Rental of space 15,341 48,750 (33,409) 535, ,000 (49,915) General contributions 7,100 33,416 (26,316) 83, ,000 (92,898) Medical student training 259, , ,850 1,865,425 1,500, ,425 Miscellaneous 2,592,796 9,834 2,582,962 3,133,683 1,344,000 1,789,683 Total $3,877,365 $ 1,285,230 $ 2,592,136 $16,556,387 $ 15,166,396 $ 1,389,990 Page - 5

8 FINANCIAL RATIO ANALYSIS Audited December 31, December 31, Ratio Cash summary Unrestricted Operating $ 9,914,451 $ 2,531,134 Total unrestricted $ 9,914,451 $ 2,531,134 Restricted Under bond indenture 18,606,194 16,854,913 Lovett Escrow 6,785,398 7,722,125 Escrow funds 401,108 22,212 Self insured malpractice fund 14, ,145 Depreciation reserve fund - - Permanently restricted 1,108,930 1,108,869 Foundation 3,530,121 13,357,575 Total Restricted 30,446,076 39,525,839 Debt subschedule Long-term debt Current portion 4,610,000 3,595,000 Noncurrent portion 114,270, ,880,000 Capitalized leases Current portion 1,296,829 3,459,936 Noncurrent portion 16,043,317 15,249,743 Other Debt - issuance premium 6,463,904 7,193,544 Key Indicators Days in AR Current Ratio Days in AP Days in Other Accrued Expenses Days Cash On Hand (Unrestricted) DSCR 0.10 (1.53) Page - 6

9 STATEMENT OF STATISTICS -INPATIENT DECEMBER 31, 2011 THIS MONTH YEAR-TO-DATE Actual Budget Variance Fav(Unfav) Prior Year Actual Actual Budget Variance Fav(Unfav) Prior Year Actual INPATIENT STATISTICS Discharges Medical/Surgical (195) 498 6,071 7,523 (1,452) 6,513 Intensive Care Units GYN (3) 116 Pediatrics (6) Sub-total Medical/Surgical (190) 604 7,140 8,412 (1,272) 7,492 Psychiatry ,353 1, ,984 Alcohol Detox ,304 1,324 (20) 1,326 Drug Rehab (11) (63) 384 Total Discharges 880 1,029 (149) ,118 12,089 (971) 11,186 Revenue per Adjusted Discharge $ 25,684 $ 13,836 $ 11,847 $ 10,192 $ 14,957 $ 13,674 $ 1,284 $ 13,757 Expense per Adjusted Discharge $ 19,769 $ 14,834 $ 4,936 $ 12,942 $ 16,574 $ 15,058 $ 1,516 $ 16,363 Patient Days Medical/Surgical 2,241 3,731 (1,490) 2,532 28,476 43,541 (15,065) 35,835 Intensive Care Units ,516 3,467 1,049 4,930 GYN Pediatrics (26) 237 1,825 1, ,908 Sub-total Medical/Surgical 2,787 4,163 (1,376) 3,209 35,212 48,980 (13,768) 43,080 Psychiatry 3,587 3, ,558 41,806 42,756 (950) 42,513 Alcohol Detox (98) 501 6,087 6,715 (628) 6,721 Drug Rehab (102) 548 5,476 5, ,408 Total Patient Days 7,122 8,694 (1,572) 7,816 88, ,785 (15,204) 97,722 Average Length of Stay Medical/Surgical (0.81) (1.10) 5.50 Intensive Care Units (5.08) (2.78) GYN Pediatrics (0.18) (0.04) 2.71 Sub-total Medical/Surgical (0.54) (0.89) 5.75 Psychiatry (4.95) (3.95) Alcohol Detox (1.08) (0.40) 5.07 Drug Rehab Total Average Length of Stay (0.36) (0.62) 8.74 Case Mix Index (DRG) Medicare Indemnity Medicare Mng (0.25) (0.21) 1.42 Medicaid Indemnity Medicaid Mng (0.00) 0.93 Percentage of Occupancy 80.0% 97.7% (17.7%) 87.8% 84.6% 99.1% (14.5%) 93.3% Inpatient Payor Mix Medicare 18.2% 15.5% 2.7% 21.5% 17.5% 15.5% 2.0% 22.3% Medicare Mng 7.3% 9.1% (1.8%) 8.8% 9.2% 9.1% 0.1% 9.9% Medicaid 29.1% 37.0% (7.9%) 43.1% 36.9% 37.0% (0.1%) 46.6% Medicaid Mng 31.5% 26.2% 5.3% 12.9% 25.7% 26.2% (0.5%) 13.4% Blue Cross, Com.Ins/Other 6.4% 7.5% (1.1%) 6.0% 6.7% 7.5% (0.8%) 4.1% Self Pay 7.5% 4.7% 2.8% 7.7% 4.0% 4.7% (0.7%) 3.7% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Full Time Equivalent Employees 1, , , , , ,707.9 Page - 7A

10 STATEMENT OF STATISTICS - OUTPATIENT DECEMBER 31, 2011 THIS MONTH Variance Fav(Unfav) Prior Year Actual Actual Budget YEAR-TO-DATE Variance Fav(Unfav) Prior Year Actual Actual Budget AMBULATORY STATISTICS E.R. 4,237 4, ,171 48,991 51,552 (2,561) 50,930 CLINICS Orris Walker 3,423 2, ,504 39,721 42,776 (3,055) 37,279 Primary Care/HIV ,022 3,236 (214) 3,202 Lola Cuffe ,127-1,127 4,124 Dental Center ,494 8, ,768 Sub-total Medical/Surgical 4,461 3, ,774 53,364 54,799 (1,435) 53,373 Chemical Dependence Outpatient Services ,377 6,453 (76) 6,381 Center for Mental Health 2,057 1, ,789 24,609 20,720 3,889 20,815 CORS (112) ,094 10, ,129 Mentally Ill Chemical Abuser ,576 5,208 (632) 5,100 Intensive Psychiatric Rehabilitation Therapy Program (40) 221 2,431 2,595 (164) 2,598 Partial Hospital Program ,780 3,801 (21) 3,745 Behavioral Health Program - Adult Clinic 501 1,123 (622) 1,122 9,501 13,667 (4,166) 13,650 Behavioral Health Program - Child and Adolescent Clinic - 91 (91) ,437 (8,435) 7,821 Continuing Day Treatment Program 1,766 1, ,413 20,165 22,666 (2,501) 22,189 Sub-total Behavioral Clinics 6,370 6,544 (174) 6,584 81,535 93,588 (12,053) 93,428 Total Clinic Visits 10,831 10, , , ,387 (13,488) 146,801 AMBULATORY SURGERY Specialty Surgeries ,416 1,437 (21) 1,404 Endoscopy (15) 88 1, Cardiac Cath (188) 201 Page - 7B