Title
Receive Natividad Medical Center's Financial Report for the second quarter (October thru December 2023) of fiscal year 2024.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors' Budget Committee receive Natividad Medical Center's Financial Report for the second quarter (October thru December 2023) of fiscal year 2024.
SUMMARY/DISCUSSION:
The average daily inpatient census (ADC) for the quarter was 132.0 compared to budget of 124.0. Med/Surg and ARU patient days were below budget for this period, while ICU, NICU, OBGYN, PEDS and PSY census were higher than budget. Patient days for the quarter were 6.5% higher than budget due to increased ICU, NICU, OBGYN and PSY patients in the quarter. The average adjusted patient days (including both inpatient and outpatient volumes) were 17,626 compared to budget of 16,593 which was favorable by 6.2%. Emergency Department visits were significantly higher than budget by 14.7% for the quarter. The increase could be partially linked to the termination of the contract between Anthem Blue Cross and SVMH during this quarter, prompting patients to opt for emergency care at Natividad Medical Center.
Total net margin for the quarter was positive (revenues more than expenses) at $2.8 million compared to the budget net margin of $820 thousand due to higher census and better payor mix.
Net patient revenues totaled $81.7 million for the quarter compared to budget of $76.0 million. Net patient revenues were significantly higher than budget by 7.5% due to strong inpatient days and favorable outpatient revenues and payor mix. Revenues from Government Funding were $23.0 million compared to budget of $19.9 million. The other operating revenues is $1 million or 38.4% higher than budget due mainly to higher interest rate. Interest income was higher than budget by $969 thousand for the quarter. Rent income were slightly lower than budget. Operating expenses for the quarter were $105.6 million compared to budget o...
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