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The Rolla Daily News - Rolla, MO
  • CFO reports net income in May over budget at PCRMC

  • Finally, there was a good month financially for Phelps County Regional Medical Center.
    “May was a different month — in a good way,” Chief Financial Officer Ed Clayton reported to the finance committee of the PCRMC Board of Trustees Wednesday night.
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  • Finally, there was a good month financially for Phelps County Regional Medical Center.
    "May was a different month — in a good way," Chief Financial Officer Ed Clayton reported to the finance committee of the PCRMC Board of Trustees Wednesday night.
    Income from operations during the month was $214,000, which was over the budgeted figure by $79,000, he said.
    To get that operating income, the hospital had net operating revenue of $20,014,000, which was under budget by $554,000, and total expenses of $19,800,000, which was under budget by $633,000.
    Clayton said the board's decision not to grant a pay increase at this time was the main reason the hospital was able to achieve the income.
    "If we hadn't implemented that, we would have broken even," Clayton said.
    The finance committee voted to recommend the full board, which met immediately afterward, approve the financial report.
    The committee also voted to recommend the board approve a plan presented by Clayton to spend $1.6 million from the capital budget for a switch in vendors supplying computerized record keeping for physicians.
    Although that was an unbudgeted capital expense, Clayton said it would be paid for by using what had been earmarked for unspecified master facility improvements. Some $3.7 million had been set aside for that.
    The full board later approved the capital improvement budget adjustment.
    Here's a look at other figures in the May financial statement:
    • Year-to-date net operating revenue by the end of May totaled $96,550,000, under budget by $3,122,000, but over the same period last year by $4,521,000.
    • Admissions in May were 605, which was 20 over budget.
    • Year-to-date admissions total 2,930, 82 over budget, but under last year for the same period by 64.
    • Patient days were 2,865 in May, under budget by 56.
    • Year-to-date patient days totaled 13,579, under budget by 649 and under last year by 1,602.
    • Adjusted patient days (patient days adjusted for outpatient activity) totaled 7,361 in May, under budget by 579 •Year-to-date adjusted patient days amounted to 36,271, under budget by 2,405 and under the prior year by 2,237. •Year-to-date total expenses amount to $95,843,000, under budget by $2,258,000, but over last year by $5,871,000.
    •Year-to-date income from operations was $707,000, under budget by $863,000 and under last year by $1,349,000. "Through May, income from operations as a percentage of net operating revenues was 0.7 percent, compared to a budget of 1.6 percent and last year's figure of 2.2 percent," Clayton said. •Non-operating revenue was $4,000 in May, which underperformed budget by $2,777,000 due to poor market conditions related to fixed income securities. •Net income for May was $219,000, which was under budget by $197,000.
    •Year-to-date net income of $3,419,000, over budget by $480,000 but under last year by $134,000. "Through May, net income as a percentage of total revenues was 3.4 percent, compared to a budget of 2.9 percent and prior year of 3.8 percent.
    Page 2 of 2 - •Net patient receivables totaled $26,041,000 at the end of May, an increase of $2,391,000 increase from April 30, 2013. Days of revenue in hospital accounts receivable were 48.6 at May 31.
    •Total cash and investments were $85,546,000 at May 31, a $2,030,000 decrease from April 30.
    •Total debt was $24,961,000 on May 31, a $1,276,000 decrease from April 30. •Cash and investments less debt was $60,585,000 on May 31, a $754,000 decrease from April 30, 2013.
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