The PCRMC Board continues their efforts with fiduciary responsibility, sharing November's numbers. 2018 looks bright.
The Phelps County Regional Medical Center (PCRMC) Board of Trustees met Wednesday, Dec. 20, to continue their education efforts and to hear the Chief of Staff report and a summary of the November financials before heading into a closed meeting.
The Board began a video-based education initiative intended to keep the trustees up-to-date with leadership topics. Wednesday evening, “fiduciary responsibility,” (referred to as "duties") was highlighted. According to the Internal Revenue Service, an organization that adopts the duties of loyalty, care and obedience are "more likely to be successful in pursing its exempt purposes while earning public support."
The signature tenants of the duties were being prepared, acting in good faith, complying with laws and regulations and personally avoiding any and all conflicts of interest that could result in personal gain. Also, ensuring that decisions made by the board further the mission and vision of PCRMC.
Some key financials through November 2017
* In November, net operating revenue of $20,042,000 was over budget by $50,000 (.3 percent). Year-to-date, net operating revenue of $222,038,000 was under budget by $1,371,000 (-0.6 percent) and over the prior year by $11,908,000 (5.7 percent)
"The three areas we are below budgeted net revenues is .5 million in home health, .7 million in the medical group and .2 million in the bond clinics," explained Vice President and Chief Financial Officer Jana Cook.
* Admissions were 543 in November, which was over budget by 6 (1.1 percent). Year-to-date, admissions of 6,101 were over budget by 115 (1.9 percent) and over the prior year by 149 (2.5 percent).
* Patient days were 2,533 in November, which was over budget by 58 (2.3 percent). Year-to-date, patient days of 28,258 were over budget by 703 (2.6 percent) and over the prior year by 853 (3.5 percent).
* Adjusted patient days (patient days adjusted for outpatient activity) were 7,619 in November, which was over budget by 359 (4.9 percent). Year-to-date, adjusted patient days of 82,780 were over budget by 1,959 (2.4 percent), and over prior year by 3,899 (4.9 percent).
* Total expenses for November were $19,928,000 which were over budget by $61,000 (0.3 percent). Year-to-date, total expenses of $218,081,000 were under budget by $964,000 (-0.4 percent), and over the prior year by $15,075,000.
CFO Cook said, "Year-to-date, supplies expense, repairs and maintenance is where we really see our decrease in expenses." "Our salaries and benefits were down about .2 million but that was offset by an increase in purchase services of the same amount. That was just a shift in some of our unfilled positions."
Cook also said there was an increase in supply expense of .1 million during November, but that was related to the increase in surgical volume PCRMC saw during the month.
* Income from operations in November was $115,000 which was under budget by $11,000. Year-to-date, income from operations of $3,957,000 was under budget by $407,000, and under the prior year by $3,167,000. Through November, income from operations as a percentage of net operating revenues was 1.8 percent, compared to a budget of 2.0 percent and the prior year of 3.4 percent.
* Non-operating revenue was $819,000 in November which exceeded budget by $503,000 due to favorable market conditions.
* Net income for November was $933,000, which was over budget by $492,000. Year-to-date, net income of $12,910,000 was over budget by $4,896,000 and over the prior year by $1,561,000. Through November, net income as a percentage of total revenues was 5.6 percent, compared to a budget of 3.5 percent and the prior year of 5.3 percent.
* Total cash and investments were $132,551,000 at November 30,2017, which was a $392,000 increase from October 31, 2017.
"We've seen cash and investments grow by $12.2 million during the year," said Cook.
* Total debt was $65,861,000 at November 30, 2017 which was a $189,000 decrease from October 31, 2017.
* Cash and investments less debt totaled $66,690,000 at November 30, 2017, which was a $581,000 increase from October 31, 2017.
* 2017 year-to-date uncompensated care has amounted to around $47 million. "It will annualize around 51 million for 2017," said Cook.
Delbert Day Cancer Institute and the Waynesville Medical Plaza:
"At DDCI, for the month of November, they were 20 percent over in net operating revenues, so they had a very big month," said Cook. "And overall, a 5 percent year-to-date over budget in that operating revenue."
Cook said the Waynesville Immediate Care Clinic saw close to 350 patients during November and radiology (services) increased by 60 percent. This was the first month PCRMC was able to record financials, since the clinic only recently opened to serve the public.