Title
Receive the Natividad Medical Center Financial Report for October 31, 2020.
Report
RECOMMENDATION:
It is recommended that the Budget Committee receive the Natividad Medical Center Financial Report for October 31, 2020.
SUMMARY/DISCUSSION:
The average daily inpatient census (ADC) for the month of October 31, 2020 was 118.3 as compared to a budget of 112.0. NICU, PEDs and Acute Rehab patient days were below budget while Med/Surg, ICU, OB/GYN and Mental Health were higher than budget for the month. Adjusted patient days (including both inpatient and outpatient volumes) totaled 5,073 compared to budget of 5,015 a favorable variance of 1.2%.
Actual net income for the month was $3.1 million compared to a budget net income of $0.9 million. Net patient revenues totaled $23.3 million compared to a budget of $22.5 million. Net patient revenues were higher than budget by 3.5% due to payer mix volumes. Revenues from Government Funding were higher than budget by $2.5 million with additional funding from CARES Act/Families First of $1.1 million and final settlement after audit for state DSH FY 2010 of $1.4 million.
Operating expenses for the month were $28.5 million compared to a budget of $27.2 million. Unfavorable operating expense variances were noted in the areas of registry for nurses of $1.3 million, Purchased Services of $396,000, Supplies of $757,000. Cost per adjusted patient day was higher than budget by $182.00 or 3.4%. Net revenue per adjusted patient day was higher than budget by $106 or 2.4%.
The average daily inpatient census (ADC) year-to-date as of October 31, 2020 was 124.2 as compared to budget of 112.0. PEDs and Acute Rehab patient days were below the budget, while Med/Surg, NICU, ICU, OB/GYN and Mental Health were higher than budget year-to-date. Adjusted patient days (including both inpatient and outpatient volumes) totaled 20,687 compared to budget of 19,898, a favorable variance of 4.0%.
Actual net income year-to-date was $6.3 million compared to budget net income of $3.4 million. Net patient revenues totaled $94.3 million compared to budget of $89.3 million. Net patient revenues were higher than budget by 5.6% due to increase in volume. Revenues from Government Funding totaled $25.1 million or 31.2% higher than budget. Other operating revenue totaled $3.2 million or 8.7% higher than budget. Operating expenses were $116.3 million compared to budget of $107.9 million. Unfavorable variances were noted in the areas of salaries and benefits of $1.1 million, registry for nurses of $4.8 million, Purchased Services of $625,000, Supplies of $2.2 million, Utilities of $377,000 and Other Operating Expense of $412,000. Cost per adjusted patient day was higher than budget by $196.00 or 3.6%. Net patient revenue per adjusted patient day was higher than budget by $69.00 or 1.5%.
Cash balance as of October 31, 2020 from Fund 451 was $83.0 million. Collections from patients and various payers were $22.4 million for the month. The balance in cash Fund 404 Capital Reserve was $68.5 million, State and Federal Intergovernmental Fund was $97.0 million and the Strategic Reserve was $25.0 million.
Patient receivables were $39.9 million. Distribution by payer: 7.2% MediCal, 10.8% MediCal Managed Care, 15.0% Medicare, 64.8% Commercial, 0.5% Self-Pay, and 1.7% Short Doyle. Distribution by aging: 24.1% In-House and under process, 48.5% between 0-60 days, 19.6% between 60-181 days and 7.9% over 181 days.
OTHER AGENCY INVOLVEMENT:
None.
FINANCING:
Accepting this report has no financial impact.
______________________________________
Daniel Leon, CFO
Natividad Medical Center
Date: December 8, 2020
Attachment: October, 2020 NMC Financial Statements