Phoebe approves its Form 990

Phoebe Putney Memorial Hospital

Phoebe Putney Memorial Hospital

ALBANY, Ga. --The latest financial documentation from Phoebe Putney Memorial Hospital is its 2011 Form 990, giving an idea on the outlook of the hospital during the timeframe from Aug. 1, 2011 through July 31, 2012.

The form shows that Phoebe had a total of $675.9 million in assets at the end of year, compared to $637.8 million at the beginning of the year. The hospital had a total of $508 million in liabilities at the end of the year, after having $420.7 million at the beginning of the year, the form shows.

The form also shows the compensation of some of Phoebe's executives. CEO Joel Wernick had a total compensation package of $1.8 million, while Joe Austin, chief operating officer, had a package of $674,552.

Kerry Loudermilk, chief financial officer; Tommy Chambless, senior vice president and general counsel, and Dr. Doug Patten, senior vice president of medical affairs, were listed next. Their compensations under the same column were $653,421, $512,975 and $528,711, respectively.

During the fiscal year, the hospital incurred a total of $507.7 million in functional expenses. At the same time, $278.2 million was spent on land, buildings and equipment.

Going deeper into the community benefit aspect, the form also indicates that Phoebe's federal poverty guideline family income limit for eligibility for free care is 125 percent.

"This means that we allow people to go up to 125 percent of the federal poverty guideline to qualify for indigent care," Loudermilk said.

A bad debt expense of $16.5 million was reported on the form, as was a total Medicare revenue of $125 million. It also showed there was a total of $116.7 million in estimated unreimbursed costs from Medicare, Medicaid and indigent care.

In all, there was $2.6 million spent in community health improvement services, $7.2 million in subsidized health services and $735,000 in research, the form states.

The form was first presented Wednesday to the hospital's finance committee, which sent it to the full board for approval later in the day. The board approved the form, ahead of its June 15 deadline.

The form is expected to be on Phoebe's website in the coming days with the rest of the hospital's public financial documents. From www.phoebeputney.com, those documents are accessible by clicking on the "About Us" tab and going into the "Phoebe Wants You to Know" link.