ecooper University Health care Cooper Health Care Financial Report: March 2015 The reported an operating gain for the month of $4,911,000 against a budget gain of $3,501,000 and prior year gain of $1,199,000. Total operating revenue for the month was favorable to budget by $5,064,000. The favorable variance was principally the result of higher than anticipated patient volume specifically attributable to admissions, Cardiac Cath Lab, surgeries, and Cancer Center patient visits. Operating expenses for the month were unfavorable to budget by $3,654,000. The unfavorable variances were principally the result of higher than anticipated expenses for salaries and wages, temp labor, medical and surgical supplies, consulting and management fees, and other supplies and expenses. Salaries and wages were unfavorable as a result of an accrual for the reconciliation of volume based component of the physician compensation. Medical surgical supplies were unfavorable to budget as a result of higher than anticipated patient volumes specifically for cardiac Cath Lab and surgeries. The unfavorable variances were offset by favorable variances in employee benefits, leases and rentals, and depreciation and amortization expense. I Below are key performance indicators & statistics for the month and year-to-date: Month to Date I I Key Performance Indicators I r,----~y:-:-e-a-r to:--:::0-ate~------.,. AmHII T!!!JZ!t I var I PY Ar:tuai.. FIIHIIICIGI Pet/omlonr:.lndic:at.ors. L......:An=wi::::...--L_li:..:G!fl!::.JC.t=--.~..1_var:::.: =------~..1-=..P.:..;Y A:::r:t:::llfli::::...J 10.67% 6.57% -62.4% n/a Total Operating Expense (less depn/int) Growth% 9.90% 6.57% -50.7% n/a s 88918 s 83,854 6.0% 77764 Total Operatl ng Revenue s 245 564 s 240,340 2.2% s 220 481 $ 84007 $ 80353-4.5% s 76,565 Total Operating Expenses $ 239 748 $ 236128-1.5" $ 219,905 s 9362 $ 8243 13.6% $ 5 877 EBfTDA s 19032 $ 18440 3.2% $ 14357 Volltme tnd1etlttlls 2475 2433 1.7% 2288 Total Admissions 7 222 7170 0.7% 6708 11829 11,679 1.3% 10973 Adult Patient Days 32948 34635-4.9% 32.543 21,074 21133 ~-3" 19,287 Total outpatient volumes 60,022 59545 0.8% 54,172 6732 6,006 12.1% 5445 cancer 19727 17,121 15.2% 15,521 6329 6950-8.9% 6,631 Tot al ER VIsits 18,877 19168-1.5" 18,288 99486 93,705 6.2% 81864 CUP Visits 278,308 268,568 3.6% 238 755 1571 1386 13.3% 1,335 Total Ambulatory Procedures 4258 3 892 9.4" 3,749 22 26-15.4% 25 Cyber Knife & Gamma Knife 59 59 0.0% 57 645 539 19.7% 533 Total cardiac Cath Ulb 1816 1620 12.1" 1,601 1,552 1505 3.1% 1,445 Total Surgical Volume 4,308 4,472-3.7% 4111 247 248-0.4% 237 Trauma Re8istry 738 729 1.2% 695 5.40 5.51 2.0% 5.65 FTEs per Adjusted Occupied Bed 5.37 5.40 0.6" 5.59 1.63 1.64-0.9% 1.68 Case mix index- ali payer 1.63 1.64 ~.6% 1.65 1.15 1.15 0.0% 1.12 Payor Mix Index 1.16 1.15 0.9% 1.12 The 's current financial statements reflect the following key ratios: Ratio or Value March December NJ FAST Report Moodvssaa2 2015 2014 sd" Percentile Rating Operating margin % YTD 2.4% 4.6% 3.4% 0.0% Current ratio 2.2 2.3 2.2 2.0 Modified Days Cash on Hand 129.9 138.2 105.0 145.3 Days ina/r 42.1 40.5 41.0 46.7
4/1612015 10:47 AM THE OBLIGATED GROUP FINANCIAL STATEMENTS March 2015 Cooper University Health Care
4/16/2015 10:47 AM Combined Balance Sheets (Dollars In thousands) March 31, February 28, December 31, March 31, February 28, December 31, 201_5_ 2015 2014 2015 2015 2014 Cumtnt Assets Current Liabilities Cash and cash equivalents $ 136,979 $ 138,960 $ 165,907 Accounts payable 22,637 26,271 17,182 Accrued payroll and taxes 20,359 14,790 29,364 Assets limited as to use 18,317 17,114 18,368 Ac:crued vacation 15,102 14,301 13,731 Accrued liabilities 49,639 47,631 49,126 Patient accounts receivable 145,684 142,5S9 134,030 Accrued Interest 1,252 395 2,055 AIICMI&nce for doubtful accounts!32,621)!31, 156) {28,145) Settlements with third party payers 12,019 12,587 12,587 Net patient accounts receivable 113,063 111,433 105,885 Current portion of long term debt 6,273 6,268 1,987 Current portion of self-insured reserve 18,642 18,642 18,642 Other receivables, net 13,133 11,467 10,679 Inventories 22,484 21,989 19,663 Total current liabilities --145,923 140,885 144,674 Prepaid expenses 6,965 7,130 7,793 Due from affiliates 6,039 (644) (1,137) Total current assets 317,000 307,449 327,158 Settlements with third party payora 11,383 11,175 10,309 Assets Limited as to use Accrued pension costs 12,383 12,138 11,690 Internally designated by board 202,690 203,n2 188,733 Funds held by trustee - debt service reserve 256 257 Notes Payable 22,296 22,296 22,296 Funds held by trustee~esignated for capital 26,463 26,462 26,462 Self-insured programs 33,200 33,291 32,354 Deferred revenue 14,808 13,626 13,673 Endowment fund 664 644 860 Long term debt 274,392 274,710 279,555 Total asets limited as to use 263,273 --~.426 246,209 Self-insured reserves 52,619 51,764 50,552 Total liabilities 533,804 526,614 532,749 Property, plant and equipment 644,272 838,597 832,799 Accumulated depreciation and amortization (422,663) (419,316) (412,615) Nat Assets Net property, plant and equipment 421,609 41 9,281 420,184 Unrestricted 490,914 487,035 483,609 Temporarily restricted Deferred charges 4,851 4,874 5,174 Permanently restr1cted 439 439 439 Notes Receivable 15,781 15,761 15,781 Other Asset 2,643 2,276 2,287 Total Net Assets 491,353 487,474 484,048 TOTAL $ 1,025,157 $ 1,014,088 $ 1,016,797 TOTAL $ 1,025,157 $ 1,014,088 $ 1,016,797
Month Combined Statements of Operations and Changee In Net Aas.ts for the month and the 3 months ended March 31, 2015 (Dollars in thousands) Year-to-date Current Year Prior Year Current Year Prior Year Actual Budget Variance Actual Actual Budget Variance Actual $ 42,247 $ 41,287 $ 960 $ 37,573 Inpatient $ 116,647 $ 119,282 $ (2,635) $ 110,055 47,200 44214 2,986 41,100 Outpatient 1291936 126,1 94 3,742 112,382 89,447 85,501 3,946 78,673 Net patient revenue 246,583 245,476 1,107 222,437 (6,586) 538!5.671) Provision for bad debt!15,990} {19,945) 3,955 (15,440) 631399 78,915 4,484 73,002 Net plltlent revenue, net of bad debba 230,593 225,531 5,082 208,997 5,519 4,939 580 4,762 Other operating revenue 14,971 14,609 162 13,484 88,918 83,854 51064 77,764 Total operating ravenue 245,564 240,340 5,224 220,481 43,273 41,039 (2,234) 38,511 Salaries and wagl!s 121,256 118,591 (2,665) 110,200 117 28 (89) 207 Temp staff expenses 141 81 (60) 302 8,353 8,691 338 7,691 Employee benefits 24,899 26,134 1,235 22,772 12,299 10,917 (1,382) 10,989 Medical and surgical supplies 34,880 31,962 (2,918) 31,380 3,271 3,148 (123) 2,710 Consulting and Management Fees 9,523 9,348 (175) 8,024 9,348 8,745 (603) 8,823 Other supplies and expenses 27,032 26,816 (216) 24,999 988 988 963 Malpractice expense 2,964 2,964 2,888 1,907 2,055 148 1,993 Leases and rentals 5,837 6,004 167 5,559 3,281 3,642 361 3,771 Depreciation and amortization 9,875 10,927 1,052 11,219.J 2... 1,100!JOl 907 Interest expense 3,341 3 301 {40} 21562 84,007 80,353 (3,654l 76,565 Total operating expenses 239,748 236,128 (3,620) 219,905 4,911 3,501 1 410 1,199 Operating margin 5,816 4212 1,604 576 (58) (58) 848 Investment income and realized gains (losses) 1,192-1,192 2,445 (1,288). {1,288) 72 Unrealized GIL from market valuation swap (1,299) - (1,299) {1,545) (876) -!876) 749 Net unrealized g/1 on trading securities 211-211 1177 2,689 31501!812! 2,866 Excess I {Deficit) of revenllh over expenses 5,920 4,212 1,708 21653 1,378-1,376 51 Contributions for capital acquisitions 1,432-1,432 55 ~ - (188) (89) Changes in unrealized gains (losses)!~ - (48) (1 94) $ 3,879 $ 3,501 $ 378 $ 2,828 lncntaae/(decrease) in unrestrk:ted net~ $ 7,304 $ 4,212 $ 3,092 $ 2.514 10:47 AM
4/16/2015 10:47 AM Statement of Cash Flows for the month and the 3 months ended March 31, 2015 (Dollars in thousands) Month Year-to-date Operating activities: Increase (decrease) in net assets $ 3,879 $ 7,305 Adjustments to reconcile increase (decrease) in net assets to net cash provided by operating activities: Depreciation and amortization 3,281 9,875 Provision for bad debt 6,048 15,990 Contributions for capital acquisitions (1,378) (1,432) Net realized and unrealized (gain/loss) on investments 2,308 1,023 Changes in certain assets and liabilities: Patient accounts receivable (7,677) (23,167) Prepaid and other current assets (2,252) (4,199) Assets limited as to use 186 (15,750) Accounts payable and accrued expenses 5,189 (933) Self-insured programs 1,080 2,760 Settlements with third party payors (360) 506 Due to /from affiliates, net (6,683) (7,176) Other liabilities 1,182 1,135 Net cash provided by operating activities 4,803 (14,063) Investing acuvlties: Decrease (increase) in assets limited as to use (2,544) (2,286) Capital expenditures ~5,305) ~13, 134~ Net cash provided by investing activities (7,849) (15,420) Financing activities: Repayments of long-term debt (313) (877) Contributions for capital acquisitions 1,378 1,432 Net cash provided by financing activities 1,065 555 Net increase (decrease) in cash and cash equivalents (1,981) (28,928) Cash and cash equivalents at beginning of period 138,960 165,907 Cash and cash equivalents at end of period $ 136,979 $ 136,979