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Financial Summary January 31, 2014

Financial Summary January 31, 2014. Bob Baden Chief Financial Officer. Statistical Summary January 31, 2014. Curr YTD Budget Average Daily Census 25.6 23.8 23.0 Occupancy % 43% 40 % 39% Discharges 220 194 199

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Financial Summary January 31, 2014

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  1. Financial SummaryJanuary31, 2014 Bob Baden Chief Financial Officer

  2. Statistical SummaryJanuary31, 2014 CurrYTDBudget • Average Daily Census 25.6 23.8 23.0 • Occupancy % 43%40% 39% • Discharges 220194 199 • ALOS (MC/Total) 3.88/3.614.43/3.77 4.56/3.65 • CCC Avg Daily Census 10099 103 • # Surgeries 203191 214 • # Endoscopies 184163 125 • # Deliveries 4038 39 • # ER Visits 1,8571,710 1,782 • # Outpatient Visits 3,8133,386 3,415

  3. Acute P&LPre-Audit January31, 2014

  4. CCC P&L Pre-Audit January31, 2014

  5. Consolidated P&L Pre-Audit January31, 2014

  6. Balance Sheet Pre-Audit January31, 2014 ASSETS CurrentPreviousChange Current Assets $ 42,574,641 $ 45,100,782 $(2,526,141) Assets whose use is limited $ 5,624,605 $ 5,666,683 $ (42,078) Net property value $101,480,250$ 99,689,122 $ 1,791,128 Total Assets $149,679,496 $150,456,587 $ (777,091)

  7. Balance SheetPre-Audit January31, 2014 Liabilities & Fund Balances CurrentPreviousChange Current liabilities $ 13,190,102 $ 13,911,635$ (721,533) Long term liabilities $ 102,692,036 $ 102,169,545$ 522,491 Fund balances $ 33,797,358$ 34,375,407$ (578,049) Total liabilities & fund bal $ 149,679,496 $150,456,587 $ (777,091)

  8. Summary January 2014 January’s Inpatient Discharges increased by 9% over December and exceeded budget by 11%. Inpatient Average Daily Census increased to 25.6 in January and was 11% above budget. Outpatient activity at 3,813 visits was 12% above budget. ALOS was 1% below budget in total and 15% below budget for Medicare. The CCC average daily census at 100 in Januarywas 3% below budget as the floor work was finished and more beds started being used. Surgery cases at 203 declined by 3 compared to December and fell 5% below budget. Endoscopy procedures at 184 were 47% above budget. LVMC had 40newborn deliveries in Januaryor 3% above budget. ER visits totaled 1,857 (75visits or 4% above budget). November Pre-Audit Acute Financials show that Gross Revenue at $9.7M was above budget by $1.3M. Inpatient Gross Revenue was $305K above budget and Outpatient Gross Revenue was $1.0Mabove budget. Again Outpatient volume increases made our Contractual Discounts much higher causing our Net Patient Revenue to fall below budget. On outpatients we get about $0.33 for each dollar charged while inpatient gives us about $0.60 on each dollar.

  9. Summary January 2014 • At the Net Operating Revenue line we fell short of budget by $247K. • Total Operating Expenses of nearly $4.67M were above budget by 16% or $635K. Total Salary costs exceeded budget by 10% or $165K. Overtime accounted for $71K, salary increase $69K and volume $25K. Registry Costs were over $120K with most major nursing units contributing. Physicians & Therapists was over by nearly $75K due two months of hospitalist expenses $45K and HIM & Lab Contracted labor $36K. Supply costs were $216K or 36% due to several budget over-runs. Legal Fees were over budget by $64K. Purchased service costs were $49K over in Plant Ops, Clinical Informatics and Radiology. Other expenses were over by $43K – $21K Recruiting, $10K lifeline inventory adjustment, $8K HASC Annual Meeting Registration, etc. • The Operating Margin loss for January was $752K due to the higher outpatient volume and the operating expenses over budget. The bottom line loss was $709K. Year to date the operating margin is $415Kpositive and the bottom line is $680K positive. • The CCC Gross Revenues of $1.208M were $80K or 6% short of budget caused by census beginning to improve after the floors were finished. Deductions of $51K were $14K over budget due largely to a higher provision for bad debts and the difference between charges and reimbursement for Medi-Cal. The preceding two factors left our total operating revenue $94K below budget. Operating Expenses exceeded budget by $67K or 7%. Salary costs were $60K or 10.7% over budget, with about 4% due to wage increases and $14K for OT and the remainder due to lack of flex staffing. Supplies, purch. Services Other expenses exceeded budget. The gain from operations and bottom line gain for January was $131K and $713K positive on a year to date basis.

  10. Summary January 2014 • The Consolidated Operating Margin results posted a $621K loss and a negative $578K at the Increase (decrease) in Net Assets line in January, while year-to-date numbers dropped to $1,128M positive operating margin and $1,394 positive Net Asset increase. The culprits for January again wereoutpatient volume overall was higher and discounts higher plus costs exceeded budget substantially. • Total Assets and Liabilities and Fund Balance decreased by $777K as of January 31, 2013. • Total Current Assets decreased by $2.5Mdue to a $1.6M drop in cash and $1.3M in current assets whose use is limited to the CDRH construction. Total assets whose use is limited decreased by $42K due to use of capital campaign funds to pay monthly amounts on one of our lease purchases related to the new hospital. Total Net Property, Plant and Equipment increased by $1.79M due primarily an increase in CIP of $2.3M offset by depreciation for the month of $531K. • Total Current Liabilities decreased by $721K due primarily to the status of accrued payables and payroll related liabilities at the end of the month. The increase in Total Liabilities as of January 31, 2014 of $522Kwas caused mostly by the GO Bond Accruals ($446K) and Worker’s Compensation reserve accruals ($77K). The fund balance decreased by $578K due to the consolidated decrease in net assets recorded for January 2014.

  11. Other Finance ItemsJanuary 2014 Other Finance Items: • There were $20K in RAC Takebacks in Januaryand no new MAC Prepayment Denials. RAC will be going on hiatus for awhile. New actions are being taken by the healthcare industry to get relief. • Most technical issues are resolved for the Voice Recognition for the EHR and we expect to be able to implement quite soon. • Health Plan Contract negotiations are starting with Blue Cross, Cigna, Health Net and Champions Center negotiations with all plans. (see summary on Finance Committee Packet agenda). • Cal Mortgage made its third visit to the CDRH construction site to physically view progress in comparison to the use of the bond funds they insure for the project. Visit went well.

  12. Questions?

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