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OVERLAKE HOSPITAL MEDICAL CENTER Consolidated Financ.docxalfred4lewis58146
OVERLAKE HOSPITAL MEDICAL CENTER
Consolidated Financial Statements
June 30, 2012 and 2011
(With Independent Auditors’ Report Thereon)
KPMG LLP
Suite 2900
1918 Eighth Avenue
Seattle, WA 98101
KPMG LLP is a Delaware limited liability partnership,
the U.S. member firm of KPMG International Cooperative
(“KPMG International”), a Swiss entity.
Independent Auditors’ Report
The Board of Trustees
Overlake Hospital Medical Center:
We have audited the accompanying consolidated balance sheets of Overlake Hospital Medical Center
(the Hospital) (a Washington not-for-profit corporation) as of June 30, 2012 and 2011, and the related
consolidated statements of operations and changes in net assets and cash flows for the years then ended.
These consolidated financial statements are the responsibility of the Hospital’s management. Our
responsibility is to express an opinion on these consolidated financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States of
America. Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes consideration of
internal control over financial reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Hospital’s
internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material
respects, the financial position of Overlake Hospital Medical Center as of June 30, 2012 and 2011, and the
results of operations and cash flows for the years then ended in conformity with U.S. generally accepted
accounting principles.
October 15, 2012
2 (Continued)
OVERLAKE HOSPITAL MEDICAL CENTER
Consolidated Balance Sheets
June 30, 2012 and 2011
(In thousands)
Assets 2012 2011
Current assets:
Cash and cash equivalents $ 21,239 15,796
Hospital accounts receivable, net of allowance for bad debts
of $9,343 in 2012 and $11,396 in 2011 49,996 49,668
Clinic accounts receivable, net of allowance for bad debts
of $440 in 2012 and $354 in 2011 3,494 1,449
Current portion of pledges receivable 853 598
Current portion of assets whose use is limited 8,708 10,177
Supplies inventory, at cost 5,968 5,584
Prepaid expenses 5,116 4,203
Other current assets 7,504 10,243
Total current assets 102,878 .
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Finance analysis of Hanover regional medical center
1. Project of finance under
supervision of :
Dr. khaled Bahaa El-Din
GROUP OF NEW
HANOVER REGIONAL
MEDICAL CENTER
2.
3. General Overview of U.S Economics
ITEM % Change
( 2010 – 2011)
GDP
( Gross Domestic
Production)
1.7 %
Healthcare and social
assistance sector
2.6 %
1.7%
2.6%
4. •
• Address: 2131 S 17th St, Wilmington, NC 28401, United States
• Phone: +1 910-667-7000
• Web site : www.nhrmc.org/new-hanover-regional-medical-center
5. NHRMC in a glance
• New Hanover Regional Medical Center (“NHRMC”) is a public,
nonprofit corporation providing health care to residents of
southeastern North Carolina.
• NHRMC is a component unit of New Hanover County (“County”),
North Carolina for financial reporting purposes and is included in
the basic financial statements of the County together with its
component units.
• It performed 10,436 annual inpatient and 17,781 outpatient
surgeries. Its emergency room had 116,233 visits and have 855 beds.
6. NHRMC in a glance
• As required by accounting principles generally accepted in the
United States of America, these financial statements present
NHRMC and its component units.
• All dollars presented in these Notes to Financial Statements are in
thousands.
7. History
• On June 14, 1967, seven prematurely born infants arrived in
cardboard cradles as tiny ambassadors in perhaps the crowning civil
rights achievement in the history of Wilmington, N.C.
They were the first patients of the newly opened New Hanover
Memorial Hospital. During a turbulent period of civil rights in this
nation’s history, their arrival marked the merger, in a small city in
the Deep South, of a black and white hospital – without protest,
riot or bloodshed. For the first time, the county’s hospital treated
everyone, regardless of race, creed, national origin or ability to pay.
8. Accreditations
• Have many of accreditations such as:
• Joint Commission on the Accreditation of Healthcare Organizations
• Cardiac and Pulmonary Rehabilitation
9. Mission
• New Hanover Regional Medical Center is a team-centered,
value-focused, teaching provider of quality health care to all
in need of its services.
10. Vision
• To be the best provider of comprehensive health services
rendered with value, dignity, and respect.
11. Values
• As one of the largest employers and the leading provider of health care in
southeastern North Carolina, New Hanover Regional Medical Center
believes in the value of life. Our philosophy is to honor and celebrate life
through the care we deliver to patients and their families, the service we
provide to physicians, the environment we create for our employees and
volunteers, and the attitude we display to all. We embrace the following
values:
• Quality
• Dignity
• Loyalty
• Education
• Compassion
• Integrity
• Respect
• Efficiency
17. Comments
• Despite the growth of revenues ( app. 9%), the net profits has
declined sharply by app. 28%.
• This is due to the aggressive increase of total expenses ( 11.7%)
i.e. expenses raised more than revenues leading to net profit
decline.
• Salaries, wages, and benefits increase: 6%
• Professional fees increase : 82%
• All these items have set up to keep the organization salary
structure competitive in healthcare sector.
18. Cash Flow
20102011cash flow
8925971551from operating activities
21952261
from non capital financing
activities
-(76166)-(70694)
from capital financing
activities
5209-(8662)from investing activities
20497-(5544)net
81283101780at beging of year
10178096236at end of year
5.4%
19.8%
266%
7.1
%
19. Cash Flow
cash flow at end of year
2011 9.62
2010 10.17
5
5.5
6
6.5
7
7.5
8
8.5
9
9.5
10
10.5
11
20. Cash flow from operations
20102011
611250641783Cash from patients
1400922913Cash from other
activities
(249436)(289275)Cash to suppliers
(286564)(303870)Cash to employees
8925971551Net cash flow from
operations
24. Comments on Revenue
• The increase in operating revenue is largely due to the
expansion of the NHRMC physician network combined with
increased utilization of both inpatient and outpatient services
from the previous year.
• Other operating revenue consists primarily of cafeteria sales,
outpatient pharmacy sales, grants, contributions and rental
income from NHRMC owned facilities.
25. Comments on Revenue
• Net patient service revenue continues to be impacted by an
increase in unreimbursed services as health insurers shift
more reimbursement responsibility to individuals through
increased deductibles and co-pays along with an increase in
those individuals who have little or no health insurance or
other means of payment. These trends are consistent in the
healthcare industry.
28. Comments on Expenses
• The expansion of the NHRMC physician network and
increased utilization of services as described above
contributed to the increase in operating expense.
• Costs for professional fees, insurance, and purchased services
rose above the rate of increase in revenues; costs for
personnel, medical supplies and depreciation rose at a rate
below revenue growth.
• During the years ended September 30, 2011 and 2010, NHRMC
granted and paid LCFH approximately $298 and $291,
respectively, in support of LCFH‟s Palliative Care Program.
30. • The increase in current assets is primarily due to an increase in
patient accounts receivable.
• The increase in accounts receivable is attributable to
increased utilization of services and the expansion of the
NHRMC physician network.
35. Capital & Working capital
capital working capital
2011 485.01 58.82
2010 448.66 55.66
0
50
100
150
200
250
300
350
400
450
500
2011
2010
36. Comments on capital
• The increase in capital assets reflects increases in
investments in capital improvements of NHRMC in
property, plant and equipment during the past year.
• Increases in noncurrent assets are the result of interest
earnings and unrealized gains / losses in the market value
of NHRMC investments
37. Net assets
• net assets= total assets – curent liabilities
year
838532=110469-9490012011
813096=101277-9143732010
5.4%
40. Comments on Liabilities
•Total liabilities have increased by $8.6M over the past
fiscal year end. An increase in current liabilities
resulted primarily from:
• increase in trade payables,
• wages payable and
• self insured liability offset by a decrease in estimated third-
party payer settlements.
55. Inventory turn over
• Cost of sales
average inventory
• 137964+40967 11.372
15743 = 365 day
=32.09
• 130269+22503 9.265
16490 = 365 day =39.39
2011
2010
56. A/R turn over ratio
• Sales (revenue)
account receivables
• 674328
86145 = 7.83 times
• 616560
78801 = 7.83 times
2011
2010
57. Collection period in days
• Sales
average inventory
• 365
7.83 = 46.62 days
• 365
7.83 =46.62 days
2011
2010
58. Recommendations
• To keep competitiveness of the NHRMC in a highly dynamic market,
we recommend:
1. To develop more healthcare services i.e. offering new and unique
services such as hospice and home care services.
2. To improve the quality of healthcare services and pursuing for
accreditation from more accrediting bodies such as American
osteopathic association, etc.
3. Diversification of services as well as backward integration with
suppliers to reduce the cost of sales.
4. Reduction of debt ratio.
59. Thanks a lot
• Mahmoud Fathy Eldefrawy Mobile Number: 01112343470
• Mohamed Hassan Radwan Mobile Number: 01000011032
• Faisel Edris
• Islam Nasr
• Mohamed Ismail Kohla