Title
Receive Natividad Medical Center's Financial Report for the first quarter (July thru September 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 first quarter (July thru September 2023) of fiscal year 2024.
SUMMARY/DISCUSSION:
The average daily inpatient census (ADC) for the quarter was 128.6 compared to budget of 124.0. ICU, PEDs, ARU patient days were below budget for this period, while Med/Surg, NICU, OBGYN and PSY census were higher than budget. Patient days for the quarter were 3.7% higher than budget due to increased Med Surg, NICU, OBGYN and PSY patients in the quarter. The average adjusted patient days (including both inpatient and outpatient volumes) were 17,317 compared to budget of 16,423 which was favorable by 5.4%. Emergency Department visits were slightly lower than budget by 1.2% for the quarter.
Total net margin for the quarter was positive (revenues more than expenses) at $1.6 million compared to the budget net margin of $840 thousand due to higher census and payor mix.
Net patient revenues totaled $77.6 million for the quarter compared to budget of $76.2 million. Net patient revenues were significantly higher than budget by 1.8% due to strong inpatient days and favorable outpatient revenues and payor mix. Revenues from Government Funding were $22.0 million compared to budget of $19.9 million. The other operating revenues is 36.6% higher than budget due to interest significantly higher than budget by $955 thousand for the quarter. Rent income were close to the budget. Operating expenses for the quarter were $101.6 million compared to budget of $98.0 million or increase of 3.7%. The increase in costs were related to high volume of patients, higher usage of nurse travelers to back fill for sick employees especially in Labor, Med Surg and Emergency Room. Costs for salaries and benefits showed higher tha...
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