Phelps Health has seen steady growth from one year ago with cash and investments reaching $160.3 million and a growth of about 18 percent in volume at the Phelps Health Waynesville Medical Plaza.
Phelps Health’s net operating revenue was over budget by 3.7 percent reaching $23.7 million in October of this fiscal year, Chief Financial Officer for Phelps Health Jana Cook said at Phelps Health's November Board of Trustees meeting.
Cook identified both the health system’s adjusted average daily census of 266 patient days coming in 0.7 percent over budget in October and an increase in surgical services cases over budget by 10.8 percent as attributing to the $848,000 variance in net patient service revenue for the month.
Operating expenses came in over budget by 5.9 percent in October reaching $23.5 million. Cook said the cost of supplies and the use of agency personnel contributed to the $1.3 million variance in operating expenses for the month.
Supplies expense ran over budget by $838,000 mainly due to the cost of chemotherapy drugs in October, while purchased services came in over budget by $360,000 related to the use of agency personnel.
The health system’s income from operations was under budget for the month, Cook said. Income from operations was $460,000 below budget totaling $132,000 in October, while income from operations through October of fiscal 2019 was under budget by $2.6 million totaling $4.2 million.
Phelps Health’s income from operations as a percentage of net operating revenues was 1.9 percent through October compared to the health system’s budget of 3.1 percent.
Phelps Health’s net income was over budget by $144,000 in October totaling $1.3 million, and the health system’s net income came in over budget by $5.7 million, reaching $19.2 million through the first 10 months of this fiscal year.
Net income as a percentage of total revenues was 7.9 percent compared to the health system’s budget of 5.9 percent through October.
Phelps Health’s non-operating income in October was over budget by $604,000 reaching $1.2 million due to favorable market conditions, Cook said.
Total cash and investments have grown by $19.4 million from Dec. 31, 2018, and Cook said as of Oct. 31, Phelps Health’s cash and investments totaled $160.3 million.
Phelps Health’s total debt increased by $3.9 million from Dec. 31, 2018, and as of Oct. 31 the health system’s debt totaled $64.9 million, Cook said.
“That means we have cash and investments around 2.4 times what our total debt is,” Cook said.
Phelps Health’s total days cash on hand has grown over one year ago and is currently at 233.4 days; well above the benchmark at 159 days, Cook said.