Annual Report 2010 - Gifford Medical Center

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statistics Admissions and visits by top 20 towns 2009 2010 Inpatient admissions 1,623 1,726 Short stay or same day admissions (outpatient) 1,233 1,469 Other outpatients 66,897 69,547 Grand total 69,753 72,742 Total patient days of care 18,017 18,093 Average daily census 49.4 49.6 (hospital and nursing home) Average length of stay 3.0 3.1 in days (acute patients) Deliveries 175 246 Surgical procedures 2,208 2,852 Emergency treatments 7,491 7,272 Endoscopies 579 594 Cardiology exams 2,783 2,953 Respiratory care 11,124 11,789 Laboratory procedures 144,605 152,944 Radiology procedures 22,507 23,363 (not including CT and MRI) CT scans 1,644 1,641 MRI 1,326 1,550 Radioisotope procedures 806 631 Physical therapy procedures 26,686 27,320 Number patient meals served 56,702 57,342 Inpatient Outpatient Total Randolph/Braintree 496 22,653 23,149 Bethel 143 6,379 6,522 Royalton 93 5,794 5,887 Northfi eld 119 3,158 3,277 Chelsea 95 2,891 2,986 Rochester 86 2,754 2,840 Barre 100 2,640 2,740 Tunbridge 47 2,507 2,554 Brookfi eld 47 2,176 2,223 Berlin 100 1,605 1,705 Sharon 24 1,646 1,670 Williamstown 52 1,551 1,603 Stockbridge 22 979 1,001 Granville 17 874 891 Hancock 23 725 748 Pittsfi eld 14 532 546 Barnard 3 511 514 Washington 11 492 503 Montpelier 10 243 253 Woodstock 1 243 244 Other Vermont towns 202 9,079 9,281 Other states 26 1,574 1,600 Other countries - 5 5 Grand total 1,731 71,011 72,742 Gifford physician offices 88,243 97,074 Percentage of giving by type Each year Gifford is fortunate to receive a variety of gifts. Many are to the medical center’s general fund and thus can be used as needed for hospital operations and programs. Others are for specifi c purposes, such as a gift to support the Garden Room, Adult Day Program or Birthing Center. We continue to receive payments on pledges for the Menig nursing home expansion project (the Menig Way Campaign). The pie chart shows the types of investments Gifford receives - all of which are greatly appreciated. Specifi c Purpose (Restricted) Menig Way Campaign (Pledge Payments) 16% 47% Last Mile Ride (Restricted) 10% General Fund (Unrestricted) 14% Planned Gifts (Unrestricted/Restricted) 13% Gifford’s Best Kept Secrets - 20 - Annual Report 2010
Balance Sheet Years ended September 30, 2010 & 2009 2010 2009 Statement of Operations Years ended September 30, 2010 & 2009 2010 2009 fi nancials CURRENT ASSETS Cash and cash equivalents $4,953,499 $4,654,808 Short-term investments 1,015,041 860,536 Patients accounts receivable, net 6,963,230 7,136,962 Other receivables 182,299 147,774 Current portion of pledges receivable 59,406 88,256 Inventories 1,035,282 918,018 Estimated third-party settlements – – Prepaid expenses 989,988 738,576 Total current assets 15,198,745 14,544,930 ASSETS LIMITED AS TO USE Internally designated for capital acquisition 16,868,561 15,856,534 Long-term investments 2,532,073 2,363,289 Held by trustee under indenture agreement – 10,036 Total assets limited to use 19,400,634 18,229,859 PROPERTY AND EQUIPMENT, net 26,640,357 26,281,732 OTHER ASSETS Bond issuance costs, net 118,268 158,241 Pledges receivable, net of current portion – 34,976 Other assets 31,588 – Total other assets 149,856 193,217 Total assets $61,389,592 $59,249,738 CURRENT LIABILITIES Accounts payable and accrued expenses 4,439,830 4,788,297 Accrued salaries and related amounts 2,588,985 2,381,258 Estimated third-party payor settlements 42,205 672,288 Deferred revenue 41,077 37,744 Interest rate swaps 3,039,948 2,234,805 Current portion of deferred annuities 25,998 21,421 Current portion of capital lease obligations 186,821 165,808 Current portion of long-term debt 356,137 – Total current liabilities 10,721,001 10,301,621 Long-term debt, excluding current portion 251,555 237,400 Capital lease obligations, excluding current portion 96,675 268,308 Deferred annuity, excluding current portion 141,514 127,273 Long-term deferred compensation 20,042,302 20,315,000 Total liabilities 31,253,047 20,947,981 NET ASSETS Unrestricted 28,715,934 26,616,043 Temporary restricted 950,872 1,014,354 Permanently restricted 469,739 369,739 Total net assets 30,136,545 28,000,136 Total liabilities and net assets $61,389,592 $59,249,738 WHERE THE MONEY COMES FROM We billed for services to inpatients $22,246,287 $18,500,384 We billed for services to outpatients 72,943,414 64,338,471 We had other operating revenue of 1,279,891 1,806,115 Total operating revenue 96,469,592 84,644,970 BECAUSE WE DID NOT RECEIVE FULL PAYMENT FOR AMOUNT BILLED From those unable to pay (charity care based on charges) 701,280 716,603 From Medicare and Medicaid 27,233,694 22,097,338 From other contracted payors 9,442,835 8,475,825 Therefore we wrote off 37,377,809 31,289,766 OUR NET REVENUE WAS 59,091,783 53,355,204 WHERE THE MONEY GOES To pay our employees salaries and benefi ts 34,424,757 31,187,029 To purchase supplies and services 16,348,164 14,184,622 To allow for wear and tear on buildings and equipment 2,778,271 2,458,670 To pay for utilities 903,629 1,019,473 To pay for interest on our outstanding debt 554,908 722,197 To allow for those patients who are unwilling to pay (bad debt) – 2,318,282 2,322,945 OUR TOTAL EXPENSE WAS 57,328,011 51,894,936 THIS PROVIDES US AN OPERATING REVENUE OF 1,763,772 1,460,268 We had income (losses) from investments and nonoperating revenue of 1,011,582 (262,417) FUNDS REMAINING TO PAY ON OUTSTANDING DEBT AND TO INVEST IN THE HOSPITALS FUTURE (new and replacement equipment, new technology, new services, etc.) $2,775,354 $1,197,851 Percentage of revenue by payor mix Medicare 33% Medicaid 21% Commercial and other third party 43% Operating expenses Supplies & services 31% Self pay 3% Benefi ts 14% Salaries 46% Amortization & depreciation 5% Bad debts 4% Annual Report 2010 - 21 - Gifford’s Best Kept Secrets
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Annual Report 2010 - Gifford Medical Center

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