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Phoebe Putney Memorial Hospital approves audited financial statements

Figures from previous fiscal year presented to hospital finance committee, full board

Lin Harris of Draffin and Tucker goes over with the finance committee at Phoebe Putney Memorial Hospital on Wednesday the most recent audited financial statements for the hospital. Among the highlights was $285.33 million in community benefits for the fiscal year that ended on July 31. (Staff Photo: Jennifer Parks)

Lin Harris of Draffin and Tucker goes over with the finance committee at Phoebe Putney Memorial Hospital on Wednesday the most recent audited financial statements for the hospital. Among the highlights was $285.33 million in community benefits for the fiscal year that ended on July 31. (Staff Photo: Jennifer Parks)

ALBANY — Phoebe Putney Memorial Hospital had a total of $641.32 million in assets and spent $285.33 million in community benefits during the most recent fiscal year, the most recent audited financial statements available on the hospital show.

The statements were presented by Lin Harris from Draffin and Tucker to Phoebe’s finance committee on Wednesday morning before it was approved by the full board later that day. The balance sheet shows there was $641.32 million in total assets, which included $184.83 million in total current assets and $124.99 million in goodwill. At the same time, the hospital had $477.68 million in total liabilities and $163.64 million in total net assets.

Meanwhile, total expenses in the fiscal year that ended on July 31 were $532.19 million and net assets at the beginning of the year were $167.94 million. Cash and cash equivalents at the beginning of the year was $70.94 million, and $51.19 million at the end of the year.

Figures available on patient service revenue show there was $547.44 million for all payors. Third-party payors made up for the largest portion of that at $249.34 million, followed by Medicare at $168.77 million.

For uncompensated services, there was a net patient service revenue of $495.34 and a total of $905.99 million in uncompensated care in 2013 compared to $735.86 million in 2012.

At the same time, there was $313.04 million in net property and equipment.

For the pension plan, the discount rate was 4.6 percent while the expected long-term return on plan assets was 8.8 percent and the rate of compensation increase was 4 percent in the last fiscal year. At the same time, the accumulated benefit obligation was $217.53 million and the plan assets at fair value at the end of the year was $165 million, the statements show.

In terms of community health improvement services, the school nurse program through Phoebe was operated at a cost of $1.38 million in Fiscal Year 2013. In subsidized health services, there were several clinics and programs operated at a net loss including maternal and fetal medicine, neurosurgery and neurology, an infectious disease clinic and palliative care.

Inmate care at the Dougherty County Jail is among the other subsidized services, for which $770,543 was provided in unreimbursed medical and drug treatment to 245 inmates. During the fiscal year, Phoebe’s indigent drug pharmacy assisted 6,974 patients at a cost of $288,868, available figures show.

The balance sheets reflect $285.33 million in community benefit operations — which includes the funds spent on health professions education, subsidized health services, clinical research, financial and in-kind support, community building activities and unpaid costs in Medicare and Medicaid services.

Additional figures available from Draffin and Tucker show that Phoebe had an operating margin of -3.2 percent during the fiscal year compared to 3.2 percent the year before. The total margin was at -10.6 percent compared to 1.9 percent the previous year. Meanwhile, long-term debt to capitalization was at 65 percent and the debt service coverage ratio, at 3.7 percent in 2012, was at -.6 percent in the 2013 fiscal year.

All the figures from the financial statements are expected to soon be posted on the hospital’s website. Financial statements posted to Phoebe’s website can be found by going to www.phoebeputney.com, clicking the “About Us” tab on the left and going to the “Phoebe Wants You to Know” link on the right.