Robert Wood Johnson University Hospital Hamilton FINANCIAL STATEMENTS September 30, 2015
ROBERT WOOD JOHNSON UNIVERSITY HOSPITAL AT HAMILTON Balance Sheet September 30, 2015; August 31, 2015; December 31, 2014 (OOWs) Assets Sep 30, 2015 Aug 31, 2015 Dec 31, 2014 Liabilities and Net Assets Sep 30, 2015 Aug 31, 2015 Dec 31, 2014 Current assets Cash and investments Assets whose use is limited (cur.) Patient accounts receivable Less allow, for doubtful accts. Net pat. accts. Rec. Other accounts receivable Inventories Prepaid expenses Other assets Total current assets $ 47,700 $ 1,603 24,856 7,391 17,465 46,993 $ 53,482 1,069 2,584 24,237 7,468 16,769 22,832 6.021 16,811 1,033 710 716 3,577 3,575 3,572 2,070 2,213 2,205 1,779 1,780 2,000 75,227 73,109 81,370 Current liabilities Accounts payable Accrued expenses Patient credit balances Current portion of long-term debt Current portion of OIG Accrued interest payable Est. amounts due to payers (cur.) Total current liabilities Other liabilities Est. amts. due to payers Other long-term liabilities Total other liablities $ 12,719 $ 11,561 $ 18,429 8,049 7,775 10,869 889 897 817 3,825 3,825 2,485 1,681 1,351 2,448 5,498 4,924 3,706 32,661 30,333 38,754 1,297 1,297 1,295 5,903 5,903 5,512 7,200 7,200 6,807 Advances to affiliates 26,593 26,360 22,657 Due to affiliates 8,666 8,508 8,350 Noncurrent assets whose use is limited Held by Captive Insurance Fund Under bond indenture agreement Total assets-use limited Less current portion Noncur. assets-use limited Property~ plant and equipment Property, plant and equipment Less accumulated depreciation Net property, pit. & equip. 6,715 6,624 5,714 9,491 8,864 10,672 16,206 15,488 16,386 1,603 1,069 2,584 14,603 14,419 13,802 243,880 243,243 240,424 150,099 149,394 144,128 93,781 93,849 96,296 Long-term debt~ excluding current OIG Settlement Bonds payable Series 2002 Bonds payable Series 2005 Bonds payable Series 2013 Leases payable Loan payable - NB Total long-term debt Net of unamortized premium/discount Net long-term debt Total liabilities 19,845 19,845 20,955 54,085 54,085 54,085 21,732 21,732 24,447 27,524 27,347 25,099 123,186 123,009 124,586 1,179 1,186 1,248 124,365 124,195 125,834 172,892 170,236 179,745 Other assets Deferred financing costs Total other assets 2,313 2,356 2,233 2,313 2,356 2,233 Net Assets Unrestricted Temporarily restricted Total net assets 38,040 38,271 34,808 1,585 1,586 1,805 39,625 39,857 36,613 Total assets $ 212,517 $ 210,093 $ 216,358 Total liabilities & net assets $ 212,517 $ 210,093 $ 216,358 CB
ROBERT WOOD JOHNSON UNIVERSITY HOSPITAL AT HAMILTON Statements of Revenues and Expenses For the Period Ended September 30, 2015 (000 s) Revenue Actual Month to Date Year to Date YTD 2014 2015/2014 Budget Variance Actual Budget Variance Actual Variance 2015 Annual Budget Patient service revenue (net of allowances) 15,430 14,871 559 143,678 136,110 7,568 136,094 7~584 201,813 Provision for Bad Debt 566 594 28 5,410 5,444 34 5,591 181 8,138 Net Patient Service revenue less bad debt 14,864 14,277 587 138,268 130,666 7,602 130,503 7,765 193,675 Other operating revenue 442 483 (41) 3,387 4,322 (935) 4,295 (908) 4,750 Total revenue 15,306 14,760 546 141,655 134,988 6,667 134,798 6,857 198,425 Expenses Salaries and wages Employee fringe benefits Physician fees Supplies and other expenses Utilities expenses Insurance expense Interest Depreciation and amortization Total expenses 5,859 5,638 (221) 1,233 1,228 (5) 760 679 (81) 6,165 5,632 (533) 295 289 (6) 142 196 54 365 370 5 724 661 (63) 15,543 14,693 (850) 52,409 52,965 556 11,826 12,116 290 5,775 6,305 530 54,922 52,158 (Z764) 2,683 2,632 (51) 1,582 1,765 183 3,320 3,359 39 6,133 5,949 (184) 138,650 137,249 (1,401) 59,631 7,222 16,029 4,203 5,790 15 50,269 (4,653) 2,615 (68) 2,179 597 3,289 (31) 6,270 137 146,072 7,422 82,272 17,919 7,472 67,300 3,485 2,640 4,777 8,325 194,190 Excess of revenues over expenses $ (237) $ 67 $ (304) $ 3,005 $ (2,261) $ 5,266 5 (11,274) $ 14,279 4,235 Settlement Meaningful Use Excess of revenues over expenses $ (237) 67 $ (304) S 3,005 (2,261) $ 5,266 5 (11,274) S 14,279 5 4,235 Other changes in unrestricted net assets: Change in unrealized gain or (loss) on non-trading investments Net assets released from restriction Equity transfer from affiliate Increase in unrestricted net assets Net assets - unrestricted beginning Net assets - temporarily restricted beginning Net assets - lnci(dec) in temporarily restricted Net assets - ending 6 $ (231) 38,271 1,586 (1) $ 39,625 6 221 $ 3,232 34,808 1,805 (220) $ 39,625 21 205 $ (11,048) 48,643 1,777 (109) $ 39,263 CB 2
RWJ Healthcare Corp. at Hamilton Obligated Group Balance Sheet September 30, 2015 (000s) Assets Hospital Parent Med Assoc Combined September-15 September-IS September-15 September-15 Liabilities and Net Assets Hospital Parent Med Assoc Combined September-15 September-IS September-15 September-15 Current assets Cash and cash equivalents Assets whose use is limited (cur.) Patient accounts receivable Less allow, for doubtful accts. Net pat. accts. Rec. Net patient accts. receivable - OB Other accounts receivable Inventories Prepaid expenses Other assets Total current assets $ 47,700 1,603 24,856 7,391 17,465 $ 2 $ 287 $47,989 1,603 894 25,750 518 7,909 376 17,841-0 1,033 1,033 3,577 3,577 2,070 78 2,148 1,779 47 1,826 75,227 2 788 76,017 Current liabilities Accounts payable Accrued expenses Patient credit balances Current portion of long-term debt Current portion of OIG Accrued interest payable Est amounts due to payers (Cur.) Total current liabilities Other liabilities Est amts. due to payers Other long-term liabilities Total other liablities $ 12,719 8,049 889 3,825 1,681 5,498 32,661 $ 106 12,825 341 8,390 889 3,825 0 447 1,681 5,498 33,108 1,297 1,297 5,903 5,903 7,200 7,200 Advances to affiliates 26,593 1,472 28,065 Due to affiliates 8,666 0 21,445 30,111 Noncurrent Assets whose use is limited Under bond indenture agreement Under bond indenture agreement Total assets-use limited Less current portion Noncur. assets-use limited Property~ plant and equipment Property, plant and equipment Less accumulated depreciation Net property, pit. & equip. 6,715 6,715 9,491 9,491 16,206 16,206 1,603 1,603 14,603 14,603 243,880 726 244,606 150,099 352 150,451 93,781 0 374 94,155 Long-term debt, excluding current OIG Settlement Bonds payable Series 2002 Bonds payable Series 2005 Bonds payable Series 2013 Leases Payable Loan Payable - NB Total long-term debt Less unamort. bond disc. Net long-term debt Total liabilities 0 19,845 54,085 21,732 0 27,524 123,186 1,179 124,365 172,892 0 21,892 19,845 54,085 21,732 27,524 123,186 1,179 124,365 194,784 Other assets Other assets Deferred financing costs Investment in Affiliates Total other assets 0 0 2,313 2,313 1,392 1,392 2,313 1,392 0 3,705 Net assets Unrestricted Temporarily restricted 38,040 1,585 2,866 (20,730) 20,176 1,585 Total assets $212,517 $2,866 1,162 216,545 Total liabilities & net assets $212,517 $2,866 $1,162 $216,545
RWJ Healthcare Corp. at Hamilton Obligated Group Statements of Revenues and Expenses For the period Ended September 30, 2015 and 2014 (000 s) Revenue Inpatient Same day surgery Emergency Other outpatient Total revenue Deductions from revenue Contractual allowances Other deductions Total deductions from revenue Patient service revenue( net of allowances) Provision for Bad Debt Net Patient Service revenue less bad debt Other operating revenue Total revenue Expenses Salaries and wages Employee fringe benefits Physician fees Supplies and other expenses Utilities expenses Insurance expense Interest Depreciation and amortization Total expenses (Deficiency) excess of revenue over expense Hospital Parent Medical Assoc $538,359 71,159 134,681 232,360 976,559 538,359 71,159 6,571 141,252 232,360-6,571 983,130 2015 2014 Combined Combined 342,531 45,052 94,527 169,262 651,372 819,081 819,081 533,851 13,800 3,115 16,915 23,268 832,881-3,115 835,996 557,119 143,678-3,456 147,134 94,253 5,410-5,410 3,806 138,268-3,456 141,724 90,447 3,387 302 446 4,136 2,841 141,655 302 3,902 145,860 93,288 52,409 3,674 56,083 43,309 11,826 612 12,438 10,831 5,775 360 6,135 3,906 54,922-2,313 57,235 34,414 2,683 33 2,716 1,784 1,582 349 1,931 1,901 3,320-3,320 2,208 6,133 39 6,172 4,188 138,650-7,379 146,029 102,541 3,005 302 (3,477) (170) (9,253) Settlement - Meaningful Use - Excess of revenues over expenses (before refunding) $ 3,005 $ 106 302 $ (3.371) $ 106 (64) $ 130 (9.123) Loss on Refunding Excess of revenues over expenses (after refunding) Other changes in Unrestricted Net Assets: Change in unrealized gain or (loss) on non-trading investments Net asset transfer from affiliates Net assets released from restriction (Decrease) increase in unrestricted net assets $ 3,005 $ 302 $ (3,371) $ (64) $ (9,123) 6 - - 6 26 221 221 125 $ 3,232 $ 302 $ (3,371) $ 163 $ (8,972)
RWJ at Hamilton - Siemens Public, Inc Ratios as Series 2013 Bond Insurer September 30, 2015 Obligated 1)Debt Service Coverage Ratio Group Funds Available for Debt Service Excess of revenues over expenses: ($1,533) Interest Expense on Long-term Debt: $4,434 Depreciation and Amortization Expense: Total Funds Availablefor Debt Service: $11,091 Maximum Annual Debt Service Requirements on all Long-term Debt: $8,333 Current Year OIG Maximum Annual Debt Service Requirements on all Long-term Debt: $8,333 Debt Service Coverage Ratio: 1.331 IRequfred Debt Service Coverage Ratio (no less than): 1.25x Note: Since thin is tested annually, the amounts above reflect a 12 month rolling period 2lDavs Cash on Hand: Cash and Investments Cash and Cash Equivalents: $10,894 Marketable Securities and Liquid Investments: $36,361 Less Face Amount of Short-term Debt: Total Cash and Investments: $47,255 Expenses Operating Expenses: $185,752 Less Depreciation and Amortization Expense: Adjusted Expenses: $177,562 Daily Cash Expense (Adjusted Expenses/number ofdays in Period): $486 Days Cash on Hand: 97.139 IRequired Days Cash on Hand (no less than): 751 Note: Operating expenses reflect a 12 month rolling period 3)Lon~ Term Debt to Capitalization Ratio (Levera2e Ratio) Lonf-term Indebtedness Long-term Debt: $95,662 Capitalized Leases: Total Long-term Indebtedness: $95,662 Capitalization Subordinated Loan from NB $27,524 Total Unrestricted Net Assets: $20,175 Long-Term Indebtedness: $95,662 Tangible Net Worth: $143,361 Long Term Debt to Capitalization Ratio: 0.6673 ~Required Long Term Debt to Capitalization Ratio (no greater than):.65x 4)Avera~e Payment Period Funds Available for Payment Current Liabilities $33,108 Expenses Operating Expenses: $185,752 Less Depreciation and Amortization Expense: $8,190 Adjusted Expenses: $177,562 Average Payment Period Ratio 68.0582 RequiredAverage Payment Period 80 I
RWJ at Hamilton - Radian Asset Assurance/Assured Guaranty Ratios as Series 2005B Bond Insurer Eighth Supplemental Indenture September 30, 2015 Obligated fldebt Service Coverage Ratio Group Funds Available for Debt Service Net Income: ($1,533) Interest Expense on Long-term Debt: $4,434 Depreciation and Amortization Expense: $8,190 Less Realized and Unrealized Gains/Losses on Investments included in Net Income: L$2fl Total Funds Availablefor Debt Service: $11,162 Maximum Annual Debt Service Requirements on all Long-term Debt: $8,333 Current Year OIG Maximum Annual Debt Service Requirements on aillong-terin Debt: $8,333 Debt Service Coverage Ratio: 1.339 IRequired Debt Service Coverage Ratio (no less than): 1.25X Note: Since this is tested annually, the amounts above reflect a 12 month rolling period 2)Davs Cash on Hand: Cash and Investments Cash and Cash Equivalents: $10,894 Investments: $36,361 Less Face Amount of Short-term Debt: Total Cash and Investments: $47,255 Expenses Operating Expenses: $98,271 Less Depreciation and Amortization Expense: $4,212 Adjusted Expenses: $94,055 Daily Cash Expense (Adjusted Expenses/number ofdays in Period): $520 Days Cash on Hand: 90.938 IRequired Days Cash on Hand (no less than): 751 Note: Operating Expenses reflect the last six-month period 3)Lon~ Term Debt to Capitalization Ratio (Leverage Ratio) Lon2-term Indebtedness Long-term Debt: $95,662 Capitalized Leases: TotalLong-term Indebtedness: $95,662 Capitalization Subordinated Loan from NB $27,524 Total Unrestricted Net Assets: $20,175 Long-Term Indebtedness: $95,662 Tangible Net Worth: $143,361 Long Term Debt to Capitalization Ratio: 0.6673 RequfredLong Term Debt to Capitalization Ratio (no greater than):.65x 4)Average Payment Period Funds Available for Payment Current Liabilities $33,108 Expenses Operating Expenses: $185,752 Less Depreciation and Amortization Expense: $8,190 Adjusted Expenses: $177,562 Average Payment Period Ratio 68.0582 RequiredAverage Payment Period 801
RWJ at Hamilton - NJHCFFA Required Ratios Series 2002 and Series 2005 Loan Agreements September 30, 2015 Obligated 1)Debt Service Coverage Ratio Group Funds Available for Debt Service Net Income: ($1,533) Interest Expense on Long-term Debt: $4,434 Capitalized Interest from Bond Proceeds used during FY to pay interest: $0 Depreciation and Amortization Expense: $8,190 Other Non-Cash Expense (excluding bad debt provision): $0 Less Realized and Unrealized Gains/Losses on Investments included in Net In ($71) Total Funds Availablefor Debt Service: $11,162 Maximum Annual Debt Service Requirements on all Long-term Debt: $8,333 Current Year OIG $0 Maximum Annual Debt Service Requirements on all Long-term Debt: $8,333 Debt Service Coverage Ratio: 1.339 IRequired Debt Service Coverage Ratio (no less than): 1.25X 2~Cushion Ratio: Cash and Investments Cash and Cash Equivalents: $10,894 Marketable Securities: $36,361 Total Cash and Investments: $47,255 Maximum Annual Debt Service Requirements on all Indebtedness: $8,333 Cushion Ratio: 5.67 IRequired Cushion Ratio (no less than): 1.25X
RWJ at Hamilton - TO Bank Ratios as Letter of Credit Bank Amended and Restated Reimbursement Agreement September 30, 2015 Obligated fldebt Service Coverage Ratio Group Funds Available for Debt Service Net Income: ($1,533) Interest Expense on Long-tenn Debt: $4,434 Capitalized Interest from Bond Proceeds used during FY to pay interest: $0 Depreciation and Amortization Expense: $8,190 Other Non-Cash Expense (excluding bad debt provision): Total Funds AvailableforDebt Service: $11,091 Maximum Annual Debt Service Requirements on all Long-term Debt: $8,333 Current Year QIG Maximum Annual Debt Service Requirements on all Long-term Debt: $8,333 Debt Service Coverage Ratio: 1.331 IRequired Debt Service Coverage Ratio (no less than): 1.25x Note: Since this is tested annually, the amounts above reflect a 12 month rolling period 2)Days Cash on Hand: Cash and Investments Cash and Cash Equivalents: $10,894 Marketable Securities: $36,361 Less Face Amount of Short-term Debt: Total Cash and Investments: $47,255 Exj,enses Operating Expenses: $98,271 Less Depreciation and Amortization Expense: $4212 Adjusted Expenses: $94,055 Daily Cash Expense (Adjusted Expenses/number ofdays in Period): $520 Days Cash on Hand: 90.938 RequiredDays Cash on Hand (no less than): -s Note: Operating Expenses reflect the Inst six-month period 3)Lon~ Term Debt to Capitalization Ratio (Leverage Ratio~ Long-term Indebtedness Long-term Debt: $95,662 Capitalized Leases: Total Long-term Indebtedness: $95,662 Capitalization Subordinated Loan from NB $27,524 Total Unrestricted Net Assets: $20,175 Long-Term Indebtedness: $95,662 Tangible Net Worth: $143,361 Long Term Debt to Capitalization Ratio: 0.6673 RequiredLong Term Debt to Capitalization Ratio (no greater than):.65x 4~Avera~e Payment Period Funds Available for Payment Current Liabilities $33,108 Exi,enses Operating Expenses: $185,752 Less Depreciation and Amortization Expense: Adjusted Expenses: $177,562 Average Payment PeriodRatio 68.0582 RequiredAverage Payment Period 80 I
2015 ACTUAL STATISTICS ADMISSIONS Day Stay ER Hold 3 South Intensive Care Unit Tele Central Tele North Ortho Tower 1 (Old MedlSurg) Ortho Tower 1 NEW Med/Surg Sungcal Tower 2 (Old Ortho/Neuro) Sub Total - Adults Only Obstetrics/Maternity Patient Tower OB (Post Partum) Sub Total - Adutls & Maternity: Nursery Level II Nursery Level I Sub Total - Newborn Only ALL ADMISSIONS Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-IS Aug-IS Sep-15 YTD ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL 3 1 2 2 3 3 (1) 5 2 20 131 110 76 68 64 151 79 53 52 784 49 22 - - - - - - - 71 82 86 109 100 94 91 86 82 90 820 198 178 188 196 186 137 159 200 159 1,601 114 109 117 113 139 115 97 112 107 1,023 84 84 97 88 94 91 86 90 96 810-20 44 45 54 46 55 53 60 377 132 115 127 139 148 140 156 143 149 1,249 793 725 760 751 782 774 717 738 715 6,755 38 11 - - - - - - - 49 831 736 760 751 782 774 717 738 715 6,804 4 2 (1) - - - - - - 5 33 9 - - - - - - - 42 37 11 (1) - - - - - - 47 868 747 759 751 782 774 717 738 715 6,851 PATIENT DAYS Day Stay ER Hold 3 South Intensive Care Unit Tele Central Tele North Ortho Tower 1 (Old Med/Surg) Ortho Tower I NEW Med/Surg Surigcal Tower 2 (Old OrtholNeuro) Sub Total -Adults Only Obstetrics/Maternity Patient Tower OB (Post Partum) Sub Total - Adutls & Maternity: Nursery Level II Sub Total - Nursery Level II PAT DAYS excl Nursery level I Nursery Level I Total Newborns: ALL PATIENT DAYS 2 1 2 3 1 3 1 5 2 20 131 110 74 68 64 153 79 52 49 780 272 177 - - - - (2) - - 447 513 434 468 397 369 432 361 336 360 3,670 1,173 1,030 1,050 963 1,029 1,057 1,009 942 912 9,165 869 771 766 796 845 790 802 823 756 7,218 393 341 361 357 370 391 390 312 298 3,213-130 406 402 429 450 438 371 380 3,006 826 737 771 757 794 790 809 723 727 6,934 4,179 3,731 3,898 3,743 3,901 4,066 3,887 3,564 3,484 34,453 98 31 - - - - - - - 129 4,277 3,762 3,898 3,743 3,901 4,066 3,887 3,564 3,484 34,582 85 6 (1) - - - - - - 90 85 6 (1) - - - - - - 90 4,362 3,768 3,897 3,743 3,901 4,066 3,887 3,564 3,484 34,672 77 21 - - - - - - - 98 162 27 (1) - - - - - - 188 4,439 3,789 3,897 3,743 3,901 4,066 3,887 3,564 3,484 34,770
2015 ACTUAL STATISTICS AVERAGE DAILY CENSUS Day Stay ER Hold 3 South Intensive Care Unit Tele Central Tele North Ortho Tower I (Old MedlSurg) Ortho Tower 1 NEW MediSurg Surigcal Tower 2 (Old Ortho/Neuro) Sub Total -Adults Only ObstetricslMatemity Patient Tower OB (Post Partum) Sub Total - Adults and Maternity: Nursery Level II Nursery Level Sub Total - Newborn Only OVERALL ADC Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-IS Jul-IS Aug-IS Sep-IS YTD ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL 0.1 0.0 0.1 0.1 0.0 0.1 0.0 0.2 0.1 0.07 4.2 3.9 2.4 2.3 2.1 5.1 2.5 1.7 1.6 2.87 8.8 6.3 - - - - (0.1) - - 1.67 16.5 15.5 15.1 13.2 11.9 14.4 11.6 10.8 12.0 13.46 37.8 36.8 33.9 32.1 33.2 35.2 32.5 30.4 30.4 33.60 28.0 27.5 24.7 26.5 27.3 26.3 25.9 26.5 25.2 26.45 12.7 12.2 11.6 11.9 11.9 13.0 12.6 10.1 9.9 11.77-4.6 13.1 13.4 13.8 15.0 14.1 12.0 12.7 10.97 26.6 26.3 24.9 25.2 25.6 26.3 26.1 23.3 24.2 25.41 134.8 133.3 125.7 124.8 125.8 135.5 125.4 115.0 116.1 126.27 3.2 1.1 - - - - - - - 0.47 138.0 134.4 125.7 124.8 125.8 135.5 125.4 115.0 116.1 126.74 2.7 0.2 (0.0) - - - - - - 0.32 2.5 0.8 - - - - - - - 0.36 5.2 1.0 (0.0) - - - - - - 0.68 143.2 135.3 125.7 124.8 125.8 135.5 125.4 115.0 116.1 127.43 PERCENTAGE OF OCCUPANCY Day Stay ER Hold 3 South Intensive Care Unit Tele Central Tele North Ortho Tower I (Old Med/Surg) Ortho Tower 1 NEW Med/Surg Surigcal Tower 2 (Old Ortho/Neuro) Sub Total -Adults Only ObstetricslMatemity Patient Tower OB (Post Partum) Sub Total - Adults & Maternity Nursery Level II TOTAL PERCENTAGE OF OCCUPANCY (Excludes Nursery Level I) 30.26% 21.80% 82.74% 77.50% 78.83% 76.64% 87.60% 86.05% 79.23% 76.12% 0.00% 0.00% 83.27% 82.25% 76.16% 75.28% 22.58% 7.91% 0.00% 0.00% 67.30% 65.54% 34.27% 2.68% 66.06% 63.18% 0.00% 0.00% 0.00% 0.00% -0.23% 0.00% 0.00% 75.48% 66.17% 59.52% 72.00% 58.23% 54.19% 60.00% 70.56% 66.88% 69.15% 73.40% 67.81% 63.31% 63.33% 77.22% 82.92% 85.18% 82.29% 80.85% 82.96% 78.75% 72.78% 74.38% 74.60% 81.46% 78.63% 62.90% 62.08% 81.85% 83.75% 86.49% 93.75% 88.31% 74.80% 79.17% 77.72% 78.85% 80.04% 82.29% 81.55% 72.88% 75.73% 65.49% 64.98% 65.54% 70.59% 6S.31% 59.88% 60.49% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 65.49% 64.98% 65.54% 70.59% 65.31% 59.88% 60.49% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 65.47% 64.98% 65.54% 70.59% 6S.31% 59.88% 60.49% 5.76% 67.31% 69.99% 82.65% 73.58% 65.35% 79.40% 67.08% 3.39% 0.00% 65.01% 4.11% 64.61%
Page 1 of 6 RWJ-H Trended StatIstIcs -2015 31 28 31 30 31 30 31 31 30 273 Jan Feb Mar Apr May Jun Jul Aug Sep ~ T D 2015 2015 2015 2015 2015 2015 2015 2015 2015 ADMISSIONS Adults 793 725 760 751 782 774 717 738 715 6,755 Maternity 38 11 - - - - - - - 49 NurseryLevelil 4 2 (1) - - - - - - 5 Nursery Level I 33 9 - - - - - - - 42 TOTAL 2015 888 747 759 751 782 774 717 738 715 6,851 I Adults 828 773 831 798 779 707 702 675 719 6,812 Maternity 95 79 77 75 104 77 105 76 88 776 Nursery Level II 10 8 10 9 8 8 11 19 12 95 Nursery Level 75 72 64 68 92 67 90 56 72 656 TOTAL 2014 1,008 932 982 950 983 859 908 826 891 8,339 (1,488) Budget -2015 880 794 880 849 735 709 735 750 738 7,070 2015 Actual Versus Budget (12) (47) (121) (98) 47 65 (18) (12) (23) (219) DAYOBSERVATIONS CASES 2015 AdultDayObservation 140 134 141 159 145 126 159 154 153 1,311 Maternity Observation 62 16 - - - - - - - 78 TOTAL 2015 202 150 141 159 145 126 159 154 153 1,389 2014 AdultDayObservation 143 135 176 161 168 158 183 170 161 1,455 Maternity Observation 123 86 114 101 119 87 99 113 109 951 TOTAL 2014 266 221 290 262 287 245 282 283 270 2,406 (1,017) Budget-2015 173 156 173 168 161 156 163 161 156 1,467 2015 Actual Versus Budget 29 (6) (32) (9) (16) (30) (4) (7) (3) (78) CENSUS Adults 4,179 3,731 3,898 3,743 3,901 4,066 3,887 3,564 3,484 34,453 Maternity 98 31 0 0 0 0 0 0 0 129 Nursery Level II 85 6 (1) 0 0 0 0 0 0 90 Nursery Level 77 21 0 0 0 0 0 0 0 98 Sub-Total - Inpatient Census 4,439 3,789 3,897 3,743 3,901 4,066 3,887 3,564 3,484 34,770 Equivalent OP Patient Days - Adults and Maternity 140 126 157 147 131 145 174 154 167 1,341 TOTAL PATIENTS IN BEDS 2015 4,579 3,915 4,054 3,890 4,032 4,211 4,061 3,718 3,651 36,111 Adults 4,254 3,834 3,929 3,756 3,618 3,301 3,178 3,258 3,149 32,277 Maternity 274 221 205 217 284 230 286 212 237 2,166 Nursery Level II 106 105 73 104 39 89 68 123 88 795 Nursery Levell 176 162 156 146 228 180 218 131 162 1,559 Sub-Total - InpatIent Census 4,810 4,322 4,363 4,223 4,169 3,800 3,750 3,724 3,636 36,797 Equivalent OP Patient Days-Adult and Maternity 171 180 217 187 200 187 187 283 270 1,882 TOTAL PATIENTS IN BEDS 2014 4,981 4,502 4,580 4,410 4,369 3,987 3,937 4,007 3,906 38,679 (2,568) Budget-2015 3,951 3,576 3,952 3,821 3,512 3,400 3,512 3,588 3,545 32,857 2015 Actual Versus Budget 628 339 102 69 520 811 549 130 106 3,254 KG GB
Page2of6 RWJ-H Trended Statistics - 2015 31 28 31 30 31 30 31 31 30 273 Jan Feb Mar Apr May Jun Jul Aug Sep ~ T D 2015 2015 2015 2015 2015 2015 2015 2015 2015 AVERAGE DAILY CENSUS AduitsandMaternityandNiCU-2015 141 135 126 125 126 136 125 115 116 127 AdultsandMaternityandNlCU-2014 149 149 136 136 127 121 114 116 116 129 (2) Budget2Ol5-AverageDaliyCensus 116 116 116 116 108 108 108 110 113 112 2Ol5Actual Versus Budget 24 18 9 8 18 28 18 5 4 14 AVERAGE LENGTH OF STAY Adults and Maternity and NICU - 2015 5.25 5.12 5.13 4.98 4.99 5.25 5.42 4.83 4.87 5.09 Adults and Maternity and NICU - 2014 5.02 4.88 4.63 4.67 4.46 4.62 4.38 4.78 4.30 4.64 (0.45) Budget 2015.Average Length of Stay 4.46 4.47 4.46 4.48 4.54 4.56 4.54 4.55 4.57 4.51 2015 Actual Versus Budget (0.79) (0.65) (0.67) (0.51) (0.45) (0.70) (0.88) (0.28) (0.30) (0.58) OR VISITS inpatient Emergency Room Outpatient Same Day Surgery TOTAL 2015 TOTAL 2014 Budget 2015 2015 Actual Versus Budget 219 221 231 198 207 216 218 206 217 1,933 1 1 1 1 1 (1) 4 5 1 5 3 4 6 5 1 9 39 301 322 346 329 300 349 316 301 344 2,908 525 545 583 531 511 572 540 508 569 4,884 564 496 561 547 502 537 528 539 548 4,822 62 520 486 536 530 505 530 535 520 514 4,676 5 59 47 1 6 42 5 (12) 55 208 ENDOSCOPY Outpatient-2015 134 146 142 171 139 164 128 113 162 1,299 Outpatlent-2014 154 146 154 161 154 165 174 129 171 1,408 (109) Budget 2015 151 146 158 158 145 158 158 151 151 1,376 2ol5ActuaiVersusBudget (17) - (16) 13 (6) 6 (30) (38) 11 (77) KC
PageS of 6 RWJ-H Trended StatistIcs -2015 31 28 31 30 31 30 31 31 30 273 Jan Feb Mar Apr May Jun Jul Aug Sep ~ T D 2015 2015 2015 2015 2015 2015 2015 2015 2015 EMERGENCY ROOM ~dmitted Treated & Released Peds - TIR - Regular ER Peds - TIR - Seen thru Peds ER Triage Total 2015 ~dmifted Treated & Released Peds - TIR - Regular ER Peds - TIR - Seen thru Peds ER Triage Total 2014 Admitted Treated & Released Peds - T/R - Regular ER Peds - T/R - Seen thru Peds ER Triage Total Budget 2015 2015 Actual Versus Budget 727 645 671 676 702 672 659 652 625 6,029 2,821 2,240 2,530 2,489 2,668 2,526 2,631 2,648 2,556 23,109 558 344 421 352 452 384 342 295 413 3,561 506 473 503 561 534 423 437 447 408 4,292 29 38 14 25 25 34 38 32 43 278 4,841 3,740 4,139 4,103 4,381 4,039 4,107 4,074 4,045 37,269 737 694 735 690 678 600 606 593 600 5,933 2,812 2,621 2,668 2,835 3,011 2,912 2,979 3,050 2,867 25,755 309 237 313 301 371 397 407 352 430 3,117 631 609 721 732 697 635 587 587 676 5,875 27 19 27 20 32 16 48 41 31 261 4,516 4,180 4,464 4,578 4,789 4,560 4,627 4,623 4,604 40,941 (3,672) 668 603 668 647 668 646 668 668 647 5,883 2,945 2,661 2,944 2,850 2,944 2,850 2,944 2,944 2,851 25,933 332 255 306 285 351 376 414 379 379 3,077 678 656 704 692 659 601 596 631 597 5,814 32 28 32 31 32 31 32 31 31 280 4,855 4,203 4,654 4,505 4,654 4,504 4,654 4,653 4,505 40,987 (14) (463) (515) (402) (273) (465) (547) (579) (460) (3,718) CT SCAN - (PROCEDURES) Outpatlent-2015 1,224 1,100 1,263 1,170 1,118 1,198 1,158 1,211 1,323 10,765 Outpatlent-2014 1,370 1,248 1,302 1,350 1,424 1,275 1,293 1,391 1,283 11,936 (1,171) Budget2Ol5 1,331 1,220 1,348 1,316 1,313 1,317 1,349 1,330 1,301 11,825 2015 Actual Versus Budget (107) (120) (85) (146) (195) (119) (191) (119) 22 (1,060) ULTRASOUNDS - (PROCEDURES) Outpatlent-2015 667 598 690 723 746 712 785 705 691 6,317 Outpatlent-2014 957 862 961 1,057 1,013 988 1,015 1,032 916 8,801 (2,484) Budget 2015 993 924 1,019 1,005 966 1,005 1,020 993 980 8,905 2015 Actual Versus Budget (326) (326) (329) (282) (220) (293) (235) (288) (289) (2,588) Columbus 2015 33 48 62 34 54 39 53 61 49 433 Columbus 2014 47 28 36 57 27 41 49 50 34 369 64 Budget2Ol4-Columbus 43 42 45 45 43 45 45 43 43 394 2015 Actual Versus Budget (10) 6 17 (11) 11 (6) 8 18 6 39 KC CB
Page4of6 RWJ-H Trended StatistIcs -2015 31 28 31 30 31 30 31 31 30 273 Jan Feb Mar Apr May Jun Jul Aug Sep YTD 2015 2015 2015 2015 2015 2015 2015 2015 2015 MATERNAL FETAL MEDICINE Outpatlent-2015 140 41 2 (2) (1) (1) (1) - - 178 ~ Outpatlent-2014 423 362 411 420 416 421 421 434 415 3,723 (3,545) Budget2OlS(UltrasoundsOnly) 412 393 432 432 393 434 433 412 412 3,753 2015 Actual Versus Budget (272) (352) (430) (434) (394) (435) (434) (412) (412) (3,575) RADIOLOGY SPECIAL PROCEDURES Outpatlent-2015 65 79 77 74 88 80 101 103 62 729 Outpatlent-2014 120 71 104 89 100 104 98 78 97 861 (132) Budget 2015 90 87 94 94 87 94 94 90 90 820 2015 Actual Versus Budget (25) (8) (17) (20) 1 (14) 7 13 (28) (91) PET SCAN Outpatlent-2015 45 47 46 49 54 41 46 38 51 417 Outpatient - 2014 39 29 46 48 39 43 40 37 49 370 47 Budget 2015 39 38 41 41 39 41 41 39 39 358 2olsActuaiVersusBudget 6 9 5 8 15-5 (1) 12 59 MR1 Outpatlent-2015 119 121 105 140 135 134 144 136 143 1,177 Outpatlent-2014 156 140 150 183 182 165 176 156 177 1,485 (308) Budget 2015 163 154 169 168 155 169 170 163 162 1,473 2015 Actual Versus Budget (44) (33) (64) (28) (20) (35) (26) (27) (19) (296) Columbus - 2015 7 7 27 16 7 15 12 4 20 115 Columbus - 2014 Budget 2015 - Columbus 2015 Actual Versus Budget 5 9 (2) 12 7 8 8 8 7 13 13 81 34 8 9 9 9 9 9 9 9 80 (1) 18 7 (2) 6 3 (5) 11 35 LITHOTRIPSY Outpatient-2015 56 32 30 49 49 42 44 46 36 384 Outpatlent-2014 37 23 21 40 33 37 25 55 37 308 76 Budget 2015 36 34 36 37 34 36 37 36 36 322 2ol5ActuaiVersusBudget 20 (2) (6) 12 15 6 7 10-62 KC
Page 5 of 6 RWJ-H Trended StatIstics -2015 31 28 31 30 31 30 31 31 30 273 Jan Feb Mar Apr May Jun Jul Aug Sep ~ T D 2015 2015 2015 2015 2015 2015 2015 2015 2015 ICARDIAC CATH LAB - Reported to State 19 17 16 21 16 11 15 10 16 I 141 I CARDIAC CATH LAB - Inpatient Inpatient-2015 20 14 19 23 7 7 17 14 14 135 Inpatlent-2014 13 13 24 10 15 10 13 6 16 120 15 Budget2Ol5-Inpatlent 15 11 12 12 12 12 12 12 12 110 2015 Actual Versus Budget 5 3 7 11 (5) (5) 5 2 2 25 CARDIAC CATH LAB - Outpatient Outpatlent-2015 3 7 1 5 7 4 5 4 5 41 Outpatlent-2014 1 2 3 3 3 7 6 2 1 28 13 Budget 2015- OutpatIent 8 4 4 4 4 4 4 4 4 40 2015 Actual Versus Budget (5) 3 (3) 1 3 - I - I Angloplasty - 2015 3 - - - 9 4 3 4 2 25 Angloplasty - 2014 8 2 6 2 6 4 5 3 8 44 (19) Budget2Ol5-Angloplasty 4 4 5 4 4 4 5 4 4 38 2015 Actual Versus Budget (1) (4) (5) (4) 5 - (2) - (2) (13) SLEEP CENTER - (Procedures) OutpatIent - 2015 36 28 46 45 44 40 47 42 39 367 Outpatient - 2014 27 35 33 43 41 34 50 35 40 338 29 Budget 2015 - Outpatient 39 35 38 38 39 38 39 39 38 343 2015 Actual Versus Budget (3) (7) 8 7 5 2 8 3 1 24 INFUSION CENTER - Chemo Only Outpatlent-2015 438 425 403 380 403 504 454 456 447 3,910 Outpatlent-2014 522 466 514 504 529 530 499 433 407 4,404 (494) Budget 2015- OutpatIent 429 508 518 505 472 518 491 429 443 4,313 2OlSActuaI Versus Budget 9 (83) (115) (125) (69) (14) (37) 27 4 (403) INFUSION CENTER - (Procedures) - All Others Outpatient-2015 649 669 852 892 704 868 1,009 977 785 7,405 Outpatient.2014 667 661 849 844 858 859 894 886 793 7,311 94 Budget 2015 - Outpatient 872 731 845 859 769 845 872 872 859 7,524 2Ol5ActuaI Versus Budget (223) (62) 7 33 (65) 23 137 105 (74) (119) KG GB
Page 6 of 6 RWJ-H Trended StatIstIcs -2015 31 28 31 30 31 30 31 31 30 273 Jan Feb Mar Apr May Jun Jul Aug Sep,~ T D 2015 2015 2015 2015 2015 2015 2015 2015 2015 RADIATION ONCOLOGY - (Procedures) Outpatlent.2015 360 545 523 539 473 453 (1,121) 268 310 2,350 Outpatlent-2014 336 337 402 474 348 398 346 258 301 3,200 (850) Budget 2015 - OutpatIent 357 341 375 375 341 375 375 358 358 3,255 2015 Actual Versus Budget 3 204 148 164 132 78 (1,496) (90) (48) (905) ALOS -MEDICARE 2015 5.95 5.78 5.85 5.36 5.76 5.90 6.36 5.35 5.46 5.75 ~ 2014 5.84 5.73 5.36 5.25 5.19 5.81 5.57 5.06 5.15 5.44 0.31 Budget 2015 5.27 5.29 5.27 5.29 5.27 5.29 5.26 5.26 5.26 5.27 2015 Actual Versus Budget 0.68 0.49 0.58 0.07 0.49 0.61 1.10 0.09 0.20 0.48 CMI - MEDICARE 2015 2014 Budget 2015 2015 Actual Versus Budget CMI-TOTAL 2015 2014 Budget 2015 2015 Actual Versus Budget 1.54 1.61 1.45 1.54 1.45 1.48 1.41 1.42 1.44 1.43 1.46 1.43 1.50 1.43 1.44 1.32 1.34 1.40 1.44 1.46 1.43 1.44 1.44 1.47 1.32 1.34 1.40 0.10 0.15 0.02 0.10 0.01 0.01 0.09 0.08 0.04 1.42 1.50 1.43 1.47 1.36 1.42 1.39 1.36 1.39 1.35 1.39 1.34 1.31 1.33 1.27 1.23 1.20 1.29 1.35 1.39 1.33 1.30 1.28 1.31 1.23 1.20 1.29 0.07 0.11 0.10 0.17 0.08 0.11 0.16 0.16 0.10 1.48 1.42 0.07 1.42 0.07 1.42 1.30 0.11 1.30 0.12 BIRTHS 2015 37 11 (1) - - - - - - 47 2014 85 81 75 78 101 76 102 76 85 762 (715) Budget2OlS 72 66 72 70 1 1 1 1 1 288 2ol5ActualVersusBudget (35) (55) (73) (70) (1) (1) (1) (1) (1) (241) WOUND CARE - 2015 Wound Care - Procedures 300 375 436 380 505 498 370 434 333 3,631 Hyperbaric -30 Minute Increments 662 945 841 539 595 643 834 532 373 5,964 2015 Total: 962 1,320 1,277 919 1,100 1,141 1,204 966 706 9,595 2014 1,122 1,041 1,205 1,245 1,209 1,081 1,264 1,310 1,065 10,542 (947) Budget2Ol4 1,180 1,123 1,236 1,236 1,123 1,236 1,234 1,179 1,180 10,727 2015 Actual Versus Budget (218) 197 41 (317) (23) (95) (30) (213) (474) (1,132) KC CB
LOAN AGREEMENTS CERTIFICATE UNAUDITED FINANCIAL STATEMENTS QUARTER ENDED SEPTEMBER 30, 2015 Re: New Jersey Health Care Facilities Financing Authority (the Authority ): (i) Variable Rate Revenue Bonds, RWJ Health Care Corp. at Hamilton Obligated Group Issue, Series 2002 (the 2002 Bonds ); (ii) Revenue Bonds, RWJ Health Care Corp. at Hamilton Obligated Group Issue, Series 2005B (the 20005B Bonds ); and (iii) Revenue Refunding Bonds, RWJ Health Care Corp. at Hamilton Obligated Group Issue, Series 2013 (the 2013 Bonds ) The undersigned, Chief Executive Officer and Chief Financial Officer, respectively, of each of RWJ HEALTH CARE CORP. AT HAMILTON and ROBERT WOOD JOHNSON UNIVERSITY HOSPITAL AT HAMILTON, INC. (collectively, Borrowers or the Obligated Group ), each hereby certifies, on behalf of the Borrowers, to (i) the Authority; (ii) TD Bank, National Association, the Bank, pursuant to that certain Amended and Restated Reimbursement Agreement, dated as of July 1, 2005, by and among the Borrowers and the Bank, as heretofore amended and supplemented, (iii) TD Bank, National Association, as Bond Trustee for the 2002 Bonds, 2005B Bonds and 2013 Bonds; (iv) The Bank ofnew York Mellon, as Master Trustee pursuant to that certain Amended and Restated Master Trust Indenture, by and among the Obligated Group and the Master Trustee, as heretofore amended and supplemented; (v) Radian Asset Assurance Inc./Assured Guaranty ( Radian/Assured ), as bond insurer for the 2005B Bonds; and (vi) Siemens Public, Inc., as the Lender pursuant to that certain Continuing Covenants Agreement, dated as of August 1, 2013 relating to the 2013 Bonds as follows: 1. I have reviewed the attached unaudited financial statements and other financial infonnation for the period ended September 30, 2015 being filed per the requirements of (i) Section 6.5 of that certain Loan Agreement, dated as of June 15, 2002, (ii) Section 6.06 of that certain Loan Agreement, dated as of July 1, 2005, and (iii) Section 6.15 of that certain Loan Agreement, dated as of July 1, 2013, each among the Borrowers and the Authority. 2. Based on my knowledge, the reports do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which they were made, not misleading with respect to the period contained in such reports. 3. Based on my knowledge, the financial statements, and other financial information included in the report, fairly present in all material respects the financial condition of the Borrowers as of, and for, the periods presented in the reports. MEl 17876716v.l
IN WITNESS WHEREOF, the below-named officer has signed this certification this 6th day of November 2015. RWJ Health Care Corp. at Hamilton Robert Wo d Johnson Unive BY:~ at Hamilton, Inc. TITLE: President and Chief Executive Officer BY: uioaâ,l~j~j1~g4 Lester G. Cottle, II TITLE: Chief Financial Officer MEl 17876716v.l
CERTIFICATE OF CifiEF FINANCIAL OFFICER UNAUDITED FINANCIAL STATEMENTS QUARTER ENDED SEPTEMBER 30, 2015 Re: New Jersey Health Care Facilities Financing Authority (the Authority ): (i) Variable Rate Revenue Bonds, RWJ Health Care Corp. at Hamilton Obligated Group Issue, Series 2002 (the 2002 Bonds ); (ii) Revenue Bonds, RWJ Health Care Corp. at Hamilton Obligated Group Issue, Series 2005B (the 20005B Bonds ); and (iii) Revenue Refunding Bonds, RWJ Health Care Corp. at Hamilton Obligated Group Issue, Series 2013 (the 2013 Bonds ) The undersigned, Chief Financial Officer of RWJ HEALTH CARE CORP. AT HAMILTON and ROBERT WOOD JOHNSON UNIVERSITY HOSPITAL AT HAMILTON, INC. (collectively, Borrowers or the Obligated Group ), hereby certifies, on behalf of the Borrowers, to (i) the Authority; (ii) TD Bank, NA, the Bank, pursuant to that certain Amended and Restated Reimbursement Agreement, dated as of July 1, 2005, by and among the Borrowers and the Bank, as heretofore amended and supplemented (as amended and supplemented, the Reimbursement Agreement ), (iii) TD Bank, National Association, as Bond Trustee for the 2002 Bonds, 2005B Bonds and 2013 Bonds; (iv) The Bank ofnew York Mellon, as Master Trustee pursuant to that certain Amended and Restated Master Trust Indenture, by and among the Obligated Group and the Master Trustee, as heretofore amended and supplemented (as amended and supplemented, the Master Indenture ); (v) Radian Asset Assurance Inc./Assured Guaranty ( Radian/Assured ), as bond insurer for the 2005B Bonds; and (vi) Siemens Public, Inc. ( Siemens ), as the Lender pursuant to that certain Continuing Covenants Agreement, dated as of August 1,2013 (the 2013 CCA and together with the Reimbursement Agreement, the Master Indenture, the Financing Documents ) relating to the 2013 Bon4s as follows: 1. This certificate is delivered to you pursuant to (i) Sections 6.5(a) and (c) of that certain Loan Agreement dated as of June 15, 2002 (the 2002 Loan Agreement ), among the Borrowers and the Authority; (ii) Section 6.06(A) of that certain Loan Agreement, dated as of July 1, 2005 (the 2005 Loan Agreement ), among the Borrowers and the Authority; (iii) Section 6.15(a) of that certain Loan Agreement, dated as of August 1, 2013 (the 2013 Loan Agreement, and collectively with the 2002 Loan Agreement and the 2005 Loan Agreement, the Loan Agreements ), among the Borrowers and the Authority; (iv) Sections 6.03(a) and 6.11(b) of the Reimbursement Agreement; (v) Sections.3.12 and 4.1(e) of the Eighth Supplemental Indenture dated as of July 1, 2005, by and among the Obligated Group and the Master Trustee, as amended and supplemented; and (vi) Section 4.04 of the 2013 CCA. 2. Attached hereto as Exhibit A is the calculation of (i) the Required Ratios (as defined in the Loan Agreements), and (ii) the Debt Service Coverage Ratio, Days of Operating Expense or Days Cash on Hand, and Long Term Debt to Capitalization Ratio (as defmed in the Financing Documents), as of the quarter ended September 30, 2015. 3. After a review of the provisions of the Loan Agreements, the Reimbursement Agreement, the Master Indenture and the CCA, defaults have occurred with regard to the following financial covenants: (i) Debt Service Coverage of -0.36 (as of December 31, 2014) and 1.34 (as of September 30, 2015) (covenant requirement of 1.25 or greater) and (ii) Long Term Debt to Capitalization Ratio of 69% (as of December 31, 2014) (covenant requirement of not greater than 65%). The Bank, Radian/Assured and Siemens provided waiver letters and/or forbearance agreements with regard to these specified defaults. MEl 17876743v.l
IN WITNESS WHEREOF, the below-named Authorized Officer has signed this Officer s Certificate this 6th day of November 2015. RWJ Health Care Corp. at Hamilton Robert Wood Johnson University Hospital at Hamilton, Inc. BY: 44 4~f~d~ ester 0. Cottle, II TITLE: Chief Financial Officer MEl 17876743v.l