PALO VERDE HOSPITAL Board Package Financial Report July 27, 2011 Financial Statements Income Statements 1 For the month ending June 30, 2011 Comparative Balance Sheets 2 June 30, 2011 Statistics 3 Monthly statistics for each of the twelve months ending June 30, 2011 Summary of Capital Purchases 4
Month PALO VERDE HOSPITAL PROFIT AND LOSS ANALYSIS - BOARD REPORT JUNE 2011 (UNAUDITED) Year-to-Date Actual Budget $ Variance % Variance Actual Budget $ Variance % Variance Revenue 12 $6,198,822 $6,936,160 ($737,338) -11.9% Patient Service Revenue $80,756,801 $83,233,923 ($2,477,122) -3.1% (3,712,027) -59.9% ($3,920,124) -56.5% 208,097 3.4% Less: Contractual Allowances ($46,491,269) -57.6% (47,041,484) -56.5% $550,215 1.1% (202,738) -3.3% ($318,040) -4.6% 115,301-1.3% Bad Debt ($3,705,950) -4.6% (3,816,476) -4.6% $110,526 0.0% (168,949) -2.7% ($271,511) -3.9% 102,562-1.2% Charity ($3,111,243) -3.9% (3,258,129) -3.9% $146,887-0.1% (4,083,713) -65.9% (4,509,674) -65.0% 425,961 0.9% Total contractual Allowances (53,308,462) -66.0% (54,116,088) -65.0% $807,627 1.0% 2,115,109 34.1% 2,426,486 35.0% (311,378) 0.9% Net patient service revenue 27,448,339 34.0% 29,117,834 35.0% ($1,669,495) 1.0% 16,623 0.3% 21,191 0.3% (4,568) 0.0% Other revenue $291,678 0.4% 254,292 0.3% $37,386-0.1% 2,131,732 34.4% 2,447,677 35.3% (315,946) 0.9% Total operating revenues 27,740,017 34.4% 29,372,126 35.3% ($1,632,109) 0.9% Expenses 981,006 46.4% 1,012,168 41.7% (31,162) -4.7% Salaries and wages 12,198,769 44.4% 12,146,017 41.7% $52,752-2.7% 217,878 10.3% 184,114 7.6% 33,764-2.7% Benefits 2,567,109 9.4% 2,209,367 7.6% $357,742-1.8% 245,302 11.6% 147,325 6.1% 97,977-5.5% Contract labor 2,371,460 8.6% 1,767,896 6.1% $603,564-2.6% 222,021 10.5% 231,315 9.5% (9,294) -1.0% Physician fees 2,620,039 9.5% 2,775,785 9.5% ($155,746) 0.0% 11,565 0.5% 23,565 1.0% (12,000) 0.4% Professional Fees-Non Medical 247,556 0.9% 282,780 1.0% ($35,224) 0.1% 179,863 8.5% 278,142 11.5% (98,279) 3.0% Supplies 2,503,006 9.1% 3,337,698 11.5% ($834,692) 2.3% 170,717 8.1% 130,470 5.4% 40,247-2.7% Purchased Services-Non-Medical 1,753,282 6.4% 1,565,635 5.4% $187,647-1.0% 17,484 0.8% 36,262 1.5% (18,778) 0.7% Repairs/maintenance 312,669 1.1% 435,141 1.5% ($122,472) 0.4% 46,969 2.2% 38,678 1.6% 8,292-0.6% Rents & Leases 546,666 2.0% 464,130 1.6% $82,536-0.4% 37,315 1.8% 39,162 1.6% (1,847) -0.2% Utilities 521,990 1.9% 469,941 1.6% $52,049-0.3% 86,926 4.1% 49,473 2.0% 37,453-2.1% Insurance 778,073 2.8% 593,674 2.0% $184,399-0.8% 18,887 0.9% 7,645 0.3% 11,242-0.6% Licenses & Taxes 80,329 0.3% 91,740 0.3% ($11,411) 0.0% 7,163 0.3% 4,637 0.2% 2,527-0.1% Interest expense 183,560 0.7% 55,638 0.2% $127,922-0.5% 1,828 0.1% 6,115 0.3% (4,287) 0.2% Dues & Subscriptions 34,340 0.1% 73,383 0.3% ($39,043) 0.1% 28,500 1.3% 11,150 0.5% 17,350-0.9% Travel & Training 270,222 1.0% 133,803 0.5% $136,419-0.5% 14,261 0.7% 20,175 0.8% (5,914) 0.2% Other Operating Expense 168,096 0.6% 242,103 0.8% ($74,007) 0.2% 28,505 1.3% 21,826 0.9% 6,679-0.4% Depreciation and amortization 362,880 1.3% 261,915 0.9% $100,965-0.4% 2,316,189 109.5% 2,242,220 92.4% 73,969-17.1% Total operating expenses 27,520,046 100.3% 26,906,646 92.4% $613,400-7.9% (184,458) -8.7% 205,457 8.5% (389,914) 17.2% Income (Loss) From Operations 219,971 0.8% 2,465,480 8.5% ($2,245,509) 7.7% 3,076 0.1% 7,950 0.3% (4,874) 0.2% Investment income 81,988 95,405 ($13,417) 0.0% (181,382) -8.5% 213,407 8.7% (394,789) 17.2% Excess/(deficit) of revenues over expense 301,959 1.1% 2,560,885 8.7% ($2,258,926) 7.6% ($181,382) $213,407 ($394,789) Increase/(Decrease) in net assets $301,959 $2,560,885 ($2,258,926) 1
Unaudited Audited Audited Audited 2011-2010 2011-2009 2011-2008 2011 2010 2009 2008 $ Change % Change $ Change % Change $ Change % Change ASSETS 6/30/2011 6/30/2010 6/30/2009 6/30/2008 Current Assets. Cash $ 2,459,280 $ 10,084,589 $ 2,426,370 $ 637,096 $ (7,625,309) -75.61% $ 32,910 1.36% $ 1,822,184 286.01% Short-term Investments 7,044,091 215,282 223,302 716,009 6,828,809 3172.03% 6,820,789 3054.51% 6,328,082 883.80% Total Cash and Equivalents 9,503,371 10,299,871 2,649,672 1,366,827 (796,500) -7.73% 6,853,699 258.66% 8,150,266 118.92% Patient Accounts Receivable 17,447,578 17,191,413 19,616,292 11,176,329 256,165 1.49% (2,168,714) -11.06% 6,271,249 56.11% Accounts Receivable Reserves (12,356,485) (12,268,404) (14,025,964) (7,879,573) (88,081) 0.72% 1,669,479-11.90% (4,476,912) 56.82% Net Accounts Receivable 5,091,093 4,923,009 5,590,328 3,296,756 168,084 3.41% (499,235) -8.93% 1,794,337 54.43% Inventory 714,986 682,269 662,749 664,891 32,717 4.80% 52,237 7.88% 50,095 7.53% Other Assets (Includes prepaids & est. third party receivables) 694,993 13,872 2,000,250 2,499,082 681,121 4910.04% (1,305,257) -65.25% (1,804,089) -72.19% Total Other Assets 1,409,979 696,141 2,662,999 3,163,973 713,838 102.54% (1,253,020) -47.05% 4,416,993-352.51% Fixed Assets Total Current Assets 16,004,443 15,919,021 10,902,999 7,827,556 85,422 0.54% 5,101,444 46.79% 8,176,887 104.46% Land 187,755 187,755 187,755 187,755-0.00% - 0.00% - 0.00% Buildings 1,185,395 1,179,900 1,165,429 1,158,926 5,495 0.47% 19,966 1.71% 26,469 2.28% Capital Equipment 3,271,312 2,854,762 2,156,669 2,046,504 416,550 14.59% 1,114,643 51.68% 1,224,808 59.85% Total Plant & Equipment 4,644,462 4,222,417 3,509,853 3,393,185 422,045 10.00% 1,134,609 32.33% 1,251,277 36.88% Accumulated Depreciation (2,487,940) (2,280,702) (1,996,824) (1,745,131) (207,238) 9.09% (491,116) 24.59% (742,809) 42.56% Net Fixed Assets 2,156,522 1,941,715 1,513,029 1,648,054 214,807 11.06% 643,493 42.53% 508,468 30.85% TOTAL ASSETS $ 18,160,965 $ 17,860,736 $ 12,416,028 $ 9,475,610 $ 300,229 1.68% $ 5,744,937 46.27% 8,685,355 91.66% LIABILITIES AND RETAINED EARNINGS Current Liabilities Accounts Payable $ 1,554,683 $ 964,677 $ 1,286,394 $ 1,160,611 $ 590,006 61.16% $ - 0.00% $ (1,160,611) -100.00% Accrued Payroll & Benefits 1,564,842 1,116,021 923,336 820,346 448,821 40.22% 641,506 69.48% 744,496 90.75% Accrued Other Liabilities 119,431 544,058 593,049 30,685 (424,627) -78.05% (473,618) -79.86% 88,746 289.22% Estimated Third Party Settlements 1,990,905 1,845,207-74,670.00 145,698 7.90% 1,990,905 0.00% 1,916,235 2566.27% Long-Term Liabilities PALO VERDE HOSPITAL COMPARATIVE BALANCE SHEETS - BOARD REPORT DATES AS INDICATED Total Current Liabilities 5,229,861 4,469,963 2,802,779 2,086,312 (69,232) -1.55% 2,427,082 86.60% 3,143,549 150.67% City Loan - - 250,000 500,000-0.00% (250,000) -100.00% (500,000) -100.00% Mortgage 739,532 776,346 830,584 920,562 (36,814) -4.74% (91,052) -10.96% (181,030) -19.67% Capitalized Leases 729,394 748,964 74,212 171,894 (19,570) -2.61% 655,182 882.85% 557,500 324.33% Other Long-Term Liability - 42,792 42,236 - (42,792) -100.00% (42,236) -100.00% - 100.00% Total Long-Term Liabilities 1,468,926 1,568,102 1,197,032 1,592,456 (99,176) -6.32% 271,894 22.71% (123,530) -7.76% TOTAL LIABILITIES 6,698,787 6,038,065 3,999,811 3,678,768 (168,408) -2.79% 2,698,976 67.48% 3,020,019 82.09% 2 RETAINED EARNINGS 11,462,178 11,822,671 8,416,217 5,783,120 (360,493) -3.05% 3,045,961 36.19% 5,679,058 98.20% TOTAL LIABILITIES AND RETAINED EARNINGS $ 18,160,965 $ 17,860,736 $ 12,416,028 $ 9,475,610 $ (528,901) -2.96% $ 5,744,937 46.27% 8,685,355 91.66%
PALO VERDE HOSPITAL KEY STATISTICS DATES AS INDICATED Fiscal 2011 Jun-11 May-11 Apr-11 Mar-11 Feb-11 Jan-11 Dec-10 Nov-10 Oct-10 Sep-10 Aug-10 Jul-10 Average Daily Census 11.17 12.65 12.70 11.52 15.21 12.84 11.35 11.17 16.52 14.50 12.06 14.00 Patient Days 335 392 381 357 426 398 352 335 512 435 374 434 Discharges 113 136 127 120 136 140 134 123 141 148 135 151 Average Length of Stay 2.96 2.88 3.00 2.98 3.13 2.84 2.63 2.72 3.63 2.94 2.77 2.87 Newborn Days 20 33 35 27 38 30 27 35 57 47 55 49 Deliveries 11 16 12 13 17 11 13 15 21 18 22 22 Emergency Visits 878 958 921 934 825 996 973 886 885 876 839 888 Admitted through ER 70 73 76 74 85 96 76 61 71 81 77 74 % Admitted through ER 8.0% 7.6% 8.3% 7.9% 10.3% 9.6% 7.8% 6.9% 8.0% 9.2% 9.2% 8.3% Surgery Cases: Inpatient 15 27 17 10 12 18 18 15 14 11 20 23 Outpatient 45 47 39 69 48 45 50 54 61 61 48 43 Endoscopic Procedures 23 30 30 34 25 38 36 52 52 45 38 40 Total Surgery Cases 83 104 86 113 85 101 104 121 127 117 106 106 Adjusted Patient Days 805 838 1,108 1,161 1,450 1,243 898 838 1,026 860 841 1,025 3
Palo Verde Hospital Summary of Capital Purchases PVH Fiscal Year - July 1 through June 30 Fiscal Years as Indicated Summary of Capital Assets 2007 2008 2009 2010 2011 Total Buildings 23,004 5,035 - - 166,276 194,315 Fixed Equipment 10,452 - - 710,530 5,979 726,961 Computer Software 26,488-29,288 - - 55,776 Computer Equipment - - - - 89,112 89,112 Major Equipment 358,844 115,953 79,938 147,353 1,106,494 1,808,582 Total 418,788 120,988 109,226 857,883 1,367,860 2,874,745 Summary 2007 2008 2009 2010 2011 Total Capital Purchased $ 274,972 $ 44,188 $ 109,226 $ - $ 465,660 $ 894,045 Capital Financed $ 143,816 $ 76,800 $ - $ 857,883 $ 902,201 $ 1,980,700 Total $ 418,788 $ 120,988 $ 109,226 $ 857,883 $ 1,367,860 $ 2,874,745 Detail 2007 2008 2009 2010 2011 Flooring 23,004 5,035 Signs and Front Door 10,452 Time and Attendance 13,738 Radiology Dictation 12,750 Hill-Rom Beds & Stretchers 40,634 19,184 Defibrillators 35,638 IV Pumps 143,816 Chiller Compressor 26,628 Chiller Replacement 31,450 Nurse Call - Addition 10,776 Blood Gas Machine 7,670 IT Server & PCs 7,144 Billi Light 6,300 Epidural Pumps 8,763 Patient Room Furniture 18,139 Ultrasound 76,800 Steris Equipment 75,342 Other equipment 21,886 19,969 4,596 Additional Software 29,288 CT Scanner & Mobile Trailer 710,530 Evotech Scope 68,904 Steris Steam Sterilizer 42,300 Steris Washer/Disenfector 36,149 Water Lines Replaced 23,276 Roof Repairs 143,000 PACS (Dell) Workstatation 16,801 Switches 48,484 Servers 16,755 UPS Unit 7,072 Migrator for Exchange 2,306 Ice Maker w/storage 3,673 Electronic Fetal Monitor 31,337 Newborn Hearing Screening/Natus Medical 22,453 Biomerieux/ Vitek 2 compact 15 32,462 Siemens CA-560 Coagulation Analyzer 22,325 Phone System/ Xeta Tech 54,000 Recliners for patient rooms 7,876 Pharmacy Pumps 15,324 Bariatric Power Lift recliner chair 3,828 Satellite Phone (Disaster Prep) 1,490 Bed Replacements (25) 157,500 Mindray Cardiac Monitors 223,000 X-Ray Digitizer 15,290 Endoscope System 164,339 Hysteroscope 6,060 Bronchoscope 11,860 Fluid/ Blanket Warmer 4,229 10, 4" Swing Arm TVs 2,723 Lanier Copiers 70,484 I.S. Upgrade & EMR (Phase One) 236,496 Portable Air Conditioner 12000BTU 4,004 Amcot Cooling Tower 19,415 Totals 418,788 120,988 109,226 857,883 1,367,861 - Note: Some of the capital listed in 2010 and 2011 has been approved by the board but may not be completed yet. 4