“We like to compare ourselves to “BBB” hospitals, which run slightly higher revenues than we do,” said Jana Cook, Vice President, Chief Financial Officer of Phelps County Regional Medical Center. “We are at around $250 million; they are a little bit bigger, but still the most reflective benchmark for us.”

Overall looking at Phelps County Regional Medical Center’s operating margins; there is a 1.2 percent benchmark for 2017. “We are currently running at 3.5 percent,” said Cook at the PCRMC’s Board of Trustees meeting on Aug. 22, 2018.

The medical center’s day’s cash on hand is currently 225 days through 2018. “Well over the benchmark of 163.6 days if you compare that with some of the other benchmarks we use that is probably ranking in the top 10 percent of hospitals there on days cash on hand,” said Cook.

For July, income from operations was $823,000, which was over budget by $425,000. The year-to-date, income from operations of $5.2 million was over budget by $1.9 million. Through July, income from operations as a percentage of net operating revenues was 3.5 percent compared to a budget of 2.2 percent.

Net income for July was $2.4 million, which was over budget by $1.7 million. The year-to-date, net income of $7.5 million was over budget by $1.6 million. Through July, net income as a percentage of total revenues was 4.9 percent compared to a budget of 3.9 percent.

PCRMC’s July net operation revenue of $21.6 million was under budget by $169,000 or .8 percent, and the variance in net patient service revenue can be attributed to PCRMC’s net patient revenue of $18.6 million, which was over budget by $396,000 or 2.2 percent.  Further, other operating revenue of $427,000 was below budget by $534,000 primarily related to employee pharmacy revenue, according to Cook.

Operating expenses of $20.8 million in July were under budget by $594,000 or 2.8 percent, and the variance in operating expenses Cook attributes to salary and benefit expense under budget by $859,000 primarily related to a decrease in expected Health Insurance expense and agency usage. Additionally, purchased service expense was over budget by $444,000 related to the use of agency personnel.

The organization’s non-operating revenue was $1.6 million in July, which was over budget by $1.3 million. And total cash and investments were $142,931,000 as of July 31, 2018, which was an increase of $10.8 million from Dec. 31, 2017.

PCRMC’s total debt was $62.6 million as of July 31, 2018, which is a decrease of $3 million from Dec. 31, 2017. “Overall you see in our total debt at around $65.7 million throughout the first seven months of the year we have paid down $3 million in total debt,” concluded Cook.

*Editors Note: Correction, Day's Cash on Hand for PCRMC is 225 days through 2018 and well over the benchmark of 163.6 days. Not 225 million and 163.6 million as originally reported.