Lin Harris from Draffin and Tucker presents audited statements to the Phoebe Putney Memorial Hospital’s finance committee Wednesday morning. The statements were approved at the hospital’s board meeting.
ALBANY, Ga. — Within a four-hour time frame, Phoebe Putney Memorial Hospital’s finance committee and its board reviewed and approved audited financial statements for the hospital for the fiscal year that ended in July.
The audit indicated that the hospital had reinvested a record $136.4 million in community benefits that included free and charity care, and reinvested almost $33 million in equipment, facilities and property.
The report, compiled by Draffin & Tucker, was presented to the finance committee at its Wednesday morning meeting and sent to the board for approval.
The board approved it at its meeting later that afternoon.
The audit showed a $24.8 million increase in unreimbursed care over the previous fiscal year year, from $98.5 million to $123.3 million. Charity and indigent care were $27.6 million. Community benefit expenditures also included $1.5 million for community health improvement services, $600,000 for health education programs, $1.3 million for school nurses and $1.3 million for inmate care in Dougherty County.
The statements also showed an excess of revenues over expenses of $11.7 million.
The $33 million reinvested in property, facilities and equipment included $2.4 million in patient room renovations, $715,000 for the Willson Hospice House, $490,000 for the purchase of medication cabinets, $101,000 for equipment used in inmate care and $1.5 million for the Carlton Breast Health Center move and renovations.
In addition, $300,000 was used for replacement of a telemetry monitoring system, $508,000 was used to update a nurse call system and $1.2 million was utilized for the hospital’s data center. Over $5 million was used for information system upgrades to assist in meeting meaningful use requirements mandated by federal government, $2.3 was used for billing system upgrades and $1.4 million went toward construction of the new digestive diseases center on Meredyth Drive.
Total assets for the hospital were at $637.7 million during the most recent fiscal year, compared to $589.2 million in 2010. Total net assets during the 2011 fiscal year were $217.2 million, and total liabilities and net assets were $637.7 million.