Annual Report 2007 - The Chester County Hospital

FinancialsTHE CHESTER COUNTY HOSPITAL BALANCE SHEETJUNE 30, 2007AS S E T SL I A B I L I T I E S A N D N E T A S S E T SCash and short term investments $20,727,250 Current installments of long-term debt $1,793,721Patient accounts receivable (net) 22,335,050 Accounts payable 4,601,817Other accounts receivable 1,101,853 Accrued salaries, wages and vacation 5,805,822Due from affiliates 4,974,491 Accrued interest payable 1,445,488Assets whose use is limited 3,239,209 Estimated third-party payor settlements 1,477,723Inventories 3,022,110 Other liabilities 156,670Prepaid expenses and other current assets 274,874 Total current liabilities 15,281,241Total current assets 55,674,837Long-term debt 44,527,529Assets whose use is limited 7,486,440 Accrued malpractice and workers comp 2,389,757Long-term investments 1,056,634 Total liabilities 62,198,527Beneficial interest in perpetual trusts 15,441,227Investment in and advances to CCHOS 1,357,764 Net assets:Interest in net assets of TCCH Foundation 9,640,562 Unrestricted 63,436,280Property, plant and equipment (net) 59,919,142 Temporarily restricted 10,294,112Deferred financing costs (net) 961,444 Permanently restricted 15,610,389Other assets 1,258 Total net assets 89,340,781Total assets $151,539,308 Total liabilities and net assets $151,539,308THE CHESTER COUNTY HOSPITAL STATEMENT OF OPERATIONSJUNE 30, 2007REVENUES: Unrestricted, gains and other supportNet patient service revenues $168,905,779Other revenues 6,537,184Net assets released from restrictions used for operations 27,468Total unrestricted revenues, gains and other support 175,470,431EXPENSESSalaries and wages 72,636,576Supplies expenses 64,993,550Employee benefits 16,132,643Depreciation 7,369,132Provision for doubtful collections 6,152,800Insurance 4,112,934Interest 2,905,223Amortization 114,463Total expenses 174,417,321Operating Income 1,053,110OTHER INCOMEInvestment income 1,072,917Equity gain in Chester County Hematology-Oncology Services 163,072Total revenues in excess of expenses 2,289,099Change in net unrealized losses on investments 427,825Net asset released from restriction used for property & equipment 25,000Transfers to Parent (1,000,000)Increase in unrestricted net assets $1,741,924Mission StatementThe mission ofThe Health Network ofThe Chester County Hospitalis to providehigh quality care,consistent with identifiablehealth care needs ofChester County area residentsand within the constraintsof sound fiscal management,as well as the educationof health care professionalsand the community.Visit www.cchosp.comto learn more aboutThe Chester County Hospital.30 T H E C H E S T E R C O U N T Y H O S P I T A L