This presentation is an analysis of Concord Hospital with a specific focus on its financial status and stability
This presentation will discuss an overview of Concord Hospital along with its mission and values, factors influencing Concord Hospitals well-being, services offered by the hospital, information on revenue and expenses, payer mix and how that mix affects Concord Hospital, what steps the hospital has taken to cut costs, and the overall financial stability of Concord Hospital.
Concord Hospital is a regional acute care hospital located on 114 acres of land in Concord, NH which is the state capital. It is a non profit hospital committed to serving the general population of Concord and the 25 surrounding towns. This hospital have 238 staffed beds and employs over 2600 people.
The concord hospital mission statement says “Concord Hospital is a charitable organization which exists to meet the health needs of individuals within the communities it serves.” The mission statement also states that the hospital provides services to all people without reference to specific characteristics. Concord Hospital has gone above and beyond its mission by providing over 38 million dollars in charity services including free health care, prescription assistance, and scholarships. The hospital works to meet the needs of the community by performing a comprehensive needs assessment every five years and developing a community benefit plan each year to meet those needs.
“The Hospital remained at the A2 and A rating levels from Moody’s and Fitch respectively, with a continued stable outlook”
D.happel concord hospitalpresentation_04-11-2013
Analysis of Concord HospitalDana L. HappelSaint XavierUniversity
Overview of Concord Hospital Regional acute care hospital Located in Concord, New Hampshire Non-profit 238 staffed beds Serves general population in 25 surrounding towns
Mission and Vision Be a charitable organization 38 million dollars in charity services in 2012 Meet the needs of the community Comprehensive community needs assessment every 5 years Community benefit plan made yearly(Community Benefits Reporting Form, 2013)
Outside Influences Environmental Harsh weather and natural disasters Economic People unable to afford health care costs Political Medicare and Medicaid changes
Changes in Services Outpatientservices are accounting for more revenue Inpatientservices are accounting for less revenue Becoming a national trend many potential causes
Services Inpatient All major specialties offered, with few exceptions Outpatient Primary care, laboratory, radiology All major specialists
Changes in Services 500 450 Revenue (in millions) 400 350 300 250 200 2011 150 2012 100 50 0 Inpatient Outpatient Type of Revenue(Baker, Newman & Noyes, 2012)
Revenue and Expenses Revenue Sources: Patient services, non-operating 2012 fiscal year total: 426 million dollars Expenses Sources: employee costs, purchasing, tax 2012 fiscal year total: 405 million(Baker, Newman & Noyes, 2012)
Financial Strengths 20 million dollars in gains over expenses 24 million dollar growth in assets Increase in funds for charitable care(Baker, Newman & Noyes, 2012)
Payer Mix Government Commercial 50% Insurance 42%(S. Sloane, personal communication, April 11, 2013)
Payer Characteristics Government: Medicare and Medicaid pay lower rates Commercial insurance: Tend to pay higher rates Self-pay: 88% unable to pay(Baker, Newman & Noyes, 2012)