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Hospital solidly black

February 4, 2013

    The final financial statement for 2012 showed that Adams Memorial Hospital (AMH) finished the year $384,021 in the black thanks to over $1.3 million in non-operating revenue received.
    That surplus figure is over three times the amount to the good posted by the hospital in 2011 when the year ended at $104,947 in the black.
    Chief Financial Officer Dane Wheeler reported at the recent board of trustees meeting that hospital had $940,498 more in operating expenses than in operating revenue, to the tune of $42,899,506 to $41,959,008. But the non-operating revenue of $1,324,519 kept the financial books on the good side.
    He added that the deficit of $940,498 was less than the $1,014,054 figure of 2011
    The majority of that non-operating revenue comes in the form of Community Economic Development Income Tax (CEDIT) funds the hospital receives from the county and communities to assist in paying off the bonds of the hospital, which was opened in 2005.
    In reviewing his report, Wheeler said both income and expenses were significantly under what had been budgeted for 2012. Budgeted figures were $44,150,867 for revenue and $44,483,185 for expenses. The non-operating revenue, however, was over $350,000 more than what was budgeted at $1,068,524.
    The largest amount of money spent at the hospital in 2012 was for professional services, with $18,549,700 being listed in that account. Administration and general costs of $7,994,705 were next, followed by employee benefits of $5,342,039, capital expenses of $4,045,338, nursing unit services of $3,971,999, and general services of $2,995,725.
    Wheeler revealed that AMH is still ahead of the state and national financial averages in several categories, including days cash on hand. If no payments were to be received by the hospital in the near future, the hospital has enough cash to operate for 113 days. The state average is 94 days and the United States average at 68.
    He said just under 70 percent of the hospital income in 2012 was generated by outpatient services and the largest source of overall payments comes from Medicare which funded 48 percent of the payments to AMH. Those figures are a little different than 2011 when Medicare was responsible for 60 percent of the payments and outpatient services resulted in 64.79 percent of the amount.
    
Hospital statistics
    In leading her first meeting of the Adams Health Network board, interim Chief Executive Officer Jo Ellen Eidam recently reported on some statistics for the month of December and for the year as a whole.
    There were 396 admissions (regular and critical access admits) to the hospital in December for a total of 4,091 for the year. Admissions to Adams-Woodcrest and Adams-Heritage, the two hospital-owned nursing homes, came to 31 in December and 328 for the year, while extended care admissions for the year were down by nearly a third, at 235 compared to 2011’s 351.
    Patient days generated at the hospital were 6,302 for the year (585 in December); at Adams-Woodcrest, 45,646 (3,720 for December); and at Adams-Heritage, 21,578 (1,782 for December).
    Eidam said 18 babies were born at AMH in December and and a total of 215 for 2012.
    Surgeries were down by 100, with 1,726 cases handled in 2012 (147 in December).
    Outpatient registrations and emergency room visits for the year were up, at 69,831 and 11,805, respectively.
    —Joe Spaulding

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