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PMC board and auditor review financial report |
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Wednesday, 06 December 2006 |
The Pondera Medical Center board of trustees, with John Hauck, senior manager of Eide Bailly, recently reviewed the hospital’s financial statements and audit for the 2005-year ending Dec. 31, 2005.
The audit review with Hauck was done by speakerphone.
Hauck noted that the net assets for the end of year, 2005, were $3,901,554 compared to $3,435,910 for 2004, an increase of $465,644. The net assets at the beginning of the year were $3.345 million compared to $2.859 million in 2004.
Covered in this portion of the audit were non-operating revenue, which included $150,353 in bond payment funds from the county, up from $95,933 the year before, an intergovernmental transfer of $129,981, and levied funds from the county, $98,414, which was down from the $191,454 received in 2004.
Also reviewed were sections of patient and resident services, schedules of expenses, operational and financial highlights, some statistical highlights and the schedule of federal awards.
For the purposes of accounting, the PMC uses a proprietary fund method of accounting where revenues and expenses are recognized on the accrual basis using the economic resources measurement focus.
It was also noted that to fulfill its mission of community service, the PMC provides care to patients who meet certain criteria under its charity care policy without charge or at amounts less than its established rates.
Because the PMC does not pursue collection of amounts determined to qualify as charity care, they are not reported as patient and resident service revenue.
Net patient and resident service revenue for 2005 amounted to $9,199,272, up from $8,369,366 in 2004.
In the area of patient and resident service revenue the PMC saw an increase over 2004, going from $8,369,366 to $9,199,272.
It is interesting to note that the ER had revenue of $298,022, up from $280,012 in ’04. In patient revenues for 2005 were $47,153 compared to $70,687 in 2004, however, outpatient revenue jumped to $250,869 compared to $209,325 in 2004.
Delivery room revenue went up from $41,976 to $55,976. Home Health also saw an increase, to $196,145 from $106,426, to name a few areas.
Care of patients and residents went up from $5.350 million to $6.055 million over the course of the year.
The PMC, much like the school system with their drop in student population, has seen a steady decline in acute care patient days over the past few years. Since 1998 when there were 2,003 patient days, the numbers have declined and dropped under a 1,000 – 925 in 2005 – for the first time. The average daily census was 2.4 for 2005 compared to 3.11 in 2004. In 1998 it was 5.49.
The percentage of occupancy at the Long Term Care Unit went down, ever so slightly, from 92.93 percent to 92.47 percent.
The auditors noted that there were no questionable costs and Hauck commented, “We found no difficulties in performing and completing our audit.” |
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