SUMMARY OF OPERATING RESULTS
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Transcript of SUMMARY OF OPERATING RESULTS
SUMMARY OFOPERATING RESULTS
February 2010
2
1,600
1,700
1,800
1,900
2,000
2,100
Prior Actual 1,869 1,898 1,911 1,923 2,037 1,930 1,907 1,915 1,732 1,868 1,744 1,725
Current Actual 1,973 1,970 1,895 1,960 2,055 1,931 1,981 1,908 1,837 1,917 1,864 1,819
Current Budget 1,964 1,841 1,942 1,827 1,959 1,970 1,923 1,953 1,885 1,905 1,842 1,838
Mar 09
Apr 09
May 09
Jun 09
Jul 09
Aug 09
Sep 09
Oct 09
Nov 09
Dec 09
Jan 10
Feb 10
Adult Admissions(rolling 12 months)
FY2010
YTD
14,858
15,312
15,275
3
8,000
9,000
10,000
11,000
P rior Actual 9,854 9,580 9,499 8,994 10,472 10,155 9,757 10,407 10,048 10,019 9,420 9,188
Current Actual 10,374 10,332 10,365 10,452 11,016 10,326 10,231 10,427 9,644 10,207 10,090 9,123
Current Budget 10,091 9,633 9,988 9,692 10,561 10,350 9,899 10,344 10,020 9,927 10,123 9,364
Mar 09
Apr 09
May 09
J un 09
J ul 09
Aug 09
Sep 09
Oct 09
Nov 09
Dec 09
J an 10
Feb 10
Adult Patient Days(rolling 12 months)
FY2010
YTD
79,466
81,064
80,588
4
1.70
1.80
1.90
2.00
2.10
Prior Actual 1.84 1.81 1.78 1.87 1.83 1.90 1.85 1.94 1.97 1.95 1.86 1.88
Current Actual 1.84 1.80 1.94 1.86 2.01 1.92 1.89 1.92 2.01 1.95 1.84 1.84
Current Budget 1.90 1.90 1.90 1.90 1.9 1.90 1.90 1.90 1.90 1.90 1.90 1.90
Mar 09
Apr 09
May 09
Jun 09
Jul 09
Aug 09
Sep 09
Oct 09
Nov 09
Dec 09
Jan 10
Feb 10
Adult Case Mix(rolling 12 months)
FY2010
YTD
1.90
1.93
1.90
5
30,000
35,000
40,000
45,000
Prior Actual 36,087 41,346 38,548 37,420 39,199 36,218 39,372 42,846 37,968 34,883 37,612 36,919
Current Actual 41,255 41,362 38,567 41,559 40,707 38,209 43,570 41,014 38,508 36,314 37,201 36,201
Current Budget 41,079 39,705 40,988 40,258 38,728 37,792 41,132 41,371 39,419 36,697 37,991 37,529
Mar 09
Apr 09
May 09
J un 09
J ul 09
Aug 09
Sep 09
Oct 09
Nov 09
Dec 09
J an 10
Feb 10
Adult Clinic Visits(rolling 12 months)
FY2010
YTD
305,017
311,724
310,659
6
180
200
220
240
260
280
Prior Actual 222 257 226 189 245 215 241 239 213 199 253 264
Current Actual 253 234 227 211 224 222 243 240 199 205 251 257
Current Budget 229 234 232 219 251 221 246 245 218 205 231 225
Mar 09
Apr 09
May 09
Jun 09
Jul 09
Aug 09
Sep 09
Oct 09
Nov 09
Dec 09
Jan 10
Feb 10
Pediatric Admissions (rolling 12 months)
FY2010
YTD
1,869
1,841
1,842
7
1,000
1,100
1,200
1,300
1,400
1,500
1,600
Prior Actual 1,357 1,263 1,249 1,126 1,179 1,270 1,287 1,384 1,126 1,145 1,439 1,343
Current Actual 1,551 1,427 1,275 1,359 1,364 1,228 1,384 1,379 1,082 1,177 1,401 1,418
Current Budget 1,334 1,278 1,291 1,276 1,201 1,316 1,300 1,395 1,166 1,171 1,258 1,231
Mar 09
Apr 09
May 09
Jun 09
Jul 09
Aug 09
Sep 09
Oct 09
Nov 09
Dec 09
Jan 10
Feb 10
Pediatric Patient Days(rolling 12 months)
FY2010
YTD
10,173
10,433
10,038
8
1.10
1.20
1.30
1.40
1.50
1.60
1.70
Prior Actual 1.45 1.50 1.32 1.35 1.56 1.50 1.40 1.57 1.57 1.42 1.55 1.39
Current Actual 1.25 1.30 1.35 1.44 1.68 1.64 1.53 1.53 1.55 1.58 1.45 1.62
Current Budget 1.31 1.31 1.31 1.31 1.51 1.51 1.51 1.51 1.51 1.51 1.51 1.51
Mar 09
Apr 09
May 09
Jun 09
Jul 09
Aug 09
Sep 09
Oct 09
Nov 09
Dec 09
Jan 10
Feb 10
Pediatric Case Mix(rolling 12 months)
FY2010
YTD
1.49
1.58
1.51
9
6,000
7,000
8,000
9,000
10,000
Prior Actual 8,223 8,194 7,906 7,447 8,047 7,718 7,840 9,758 8,511 7,148 7,746 8,301
Current Actual 8,713 8,387 8,063 8,469 8,470 7,963 9,179 10,083 9,496 8,847 9,084 8,503
Current Budget 8,532 8,167 8,217 8,481 7,841 7,820 7,899 9,787 9,384 8,085 8,310 8,619
Mar 09
Apr 09
May 09
J un 09
J ul 09
Aug 09
Sep 09
Oct 09
Nov 09
Dec 09
J an 10
Feb 10
Pediatric Clinic Visits(rolling 12 months)
FY2010
YTD
65,069
71,625
67,745
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Other Key Ancillary Service Activity Indicators
Month of February 2010
% VariancesActual Budget Actual Actual to 2010 to2010 2010 2009 Budget 2009
Inpatient Gross Revenues 81,180,843$ 82,135,397$ 75,166,893$ -1.2% 8.0%Outpatient Gross Revenues 73,099,946$ 70,459,082$ 63,363,091$ 3.7% 15.4%154,280,789$ 152,594,479$ 138,529,984$
Surgical Procedures: Inpatient (excludes Misc/Out of OR) 856 930 812 -8.0% 5.4% Outpatient 628 565 589 11.2% 6.6% AFCH 371 325 334 14.2% 11.1% Subtotal 1,855 1,820 1,735 1.9% 6.9% Misc./Out of OR 180 172 194 4.7% -7.2% Total Surgical Procedures 2,035 1,992 1,929 2.2% 5.5%
Average Daily CensusTransplants Cadaver 20 30 32 -33.3% -37.5% Living 6 9 4 -33.3% 50.0% Total 26 39 36 -33.3% -27.8%
May 2003Cardiology Invasive Lab Procedures Cardiovascular Lab 993 1,022 814 -2.8% 22.0% Electrophysiology Lab 174 125 78 39.2% 123.1% Total 1,167 1,147 892 1.7% 30.8%
Intensive Care DaysEmergency Room Visits 3,249 3,395 3,450 -4.3% -5.8%
Patient DaysRadiology Procedures: MRI 2,237 2,309 2,178 -3.1% 2.7% CT Scans 4,233 5,011 4,717 -15.5% -10.3% Other 17,781 17,698 16,448 0.5% 8.1% Total Radiology Procedures 24,251 25,018 23,343 -3.1% 3.9%
Average Length of StayRadiotherapy Procedures 2,943 2,492 2,639 18.1% 11.5%
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Regional Hospital Transfers and Diversions & Cancelled Hospital Transfers Due to Lack of Beds
Feb
-08
Mar
-08
Ap
r-08
May
-08
Jun
-08
Jul-
08
Au
g-0
8
Sep
-08
Oct
-08
No
v-08
Dec
-08
Jan
-09
Feb
-09
Mar
-09
Ap
r-09
May
-09
Jun
-09
Jul-
09
Au
g-0
9
Sep
-09
Oct
-09
No
v-09
Dec
-09
Jan
-10
Feb
-10
Month & Year
Inp
atie
nt
Ca
ses
MedflightDiversions
ED Diversions
Cancellations -Lack of Beds
ICUDOC Adult Peds ED MedFlight
Total: 1
1 0 0 0 0 0 0
54
6269
50
45
5744
47
47
36
44
38 36
50 39
46
49
58
66
52
63
6440
59
59
397
456
419
415
406
417
374336
343
409405
465
368345
381
370
377
429413
386
386
430
396372
416
Transfers from Local Hospitals(Admitted to UW Hosp Inpt Svc)*
Transfers from Regional Hospitals(Admitted to UW Hosp Inpt Svc)*
0 -
50 -
0 -
200 -
300 -
400 -
500 -
600 -
*Both exclude Transfers to UWHC Emergency Department, not admitted
Div
ers
ion
s
100 -
Inp
atie
nt
Tra
nsf
ers
2 14 9 10 2 1 1 2 3 7 82 2
4 14 2 1
91
0 1 33
1 1
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Summary of Operating ResultsMonth of February 2010
Actual Budget Variance ActualFebruary 2010 February 2010 Over/(Under) % Variance February 2009
Operating Revenue 77,654,277$ 77,024,294$ 629,983$ 0.8% 69,681,360$
Operating Expenses 74,801,337 74,193,002 608,335 0.8% 70,850,382
Income from Operations 2,852,940$ 2,831,292$ 21,648$ 0.8% (1,169,022)$ (Operating Margin)
Non-Operating Income 522,955 1,142,042 (619,087) -54.2% (45,379)
Net Income 3,375,895$ 3,973,334$ (597,439)$ -15.0% (1,214,401)$ (Total Margin)
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Non Operating Income (Loss)Month of February 2010
Actual Budget Variance ActualFebruary 2010 February 2010 Over/(Under) % Variance February 2009
Investment Income & Other Non-Operating Income 526,712$ 901,346$ (374,634)$ -41.6% 1,094,441$
Fair Value Gain (Loss) on Investments 385,859 - 385,859 100.0% (2,260,098)
Fair Value Gain (Loss) on Swap debt agreements (582,341) - (582,341) -100.0% -
Joint Venture Income/Losses:
Wisconsin Therapies/Chartwell (3,725) 16,378 (20,103) > -100% 40,684
Wisconsin Dialysis (40,521) 11,250 (51,771) > -100% 5,409
UHC/Unity 181,045 100,000 81,045 81.0% 931,432
UHC/e-Care (79,299) (70,000) (9,299) -13.3% (80,326)
Madison Surgery Center 155,438 180,000 (24,562) -13.6% 193,742
Madison United Healthcare Linen 4,285 3,068 1,217 39.7% 23,090
Madison Environmental Resourcing (24,498) - (24,498) -100.0% 6,247
Total 522,955$ 1,142,042$ (619,087)$ -54.2% (45,379)$
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Other Key Ancillary Service Activity Indicators Eight Months Ended February 28, 2010
Actual Budget Actual Actual to FY 10 toFY '10 FY '10 FY '09 Budget FY 09
Inpatient Gross Revenues 702,516,934$ 690,188,910$ 642,144,796$ 1.8% 9.4%Outpatient Gross Revenues 602,605,511$ 582,623,509$ 526,399,582$ 3.4% 14.5%1,305,122,445$ 1,272,812,419$ 1,168,544,378$
Surgical Procedures: Inpatient (excludes Misc/Out of OR) 7,291 7,580 7,782 -3.8% -6.3% Outpatient 4,850 4,604 5,167 5.3% -6.1% AFCH 2,991 2,653 1,793 12.7% 66.8% Subtotal 15,132 14,837 14,742 2.0% 2.6% Misc./Out of OR 1,597 1,402 1,464 13.9% 9.1% Total 16,729 16,239 16,206 3.0% 3.2%
Average Daily CensusTransplants Cadaver 246 264 251 -6.8% -2.0% Living 60 75 65 -20.0% -7.7% Total 306 339 316 -9.7% -3.2%
May 2003Cardiology Invasive Lab Procedures Cardiovascular Lab 7,764 7,766 6,386 0.0% 21.6% Electrophysiology Lab 1,160 945 756 22.8% 53.4% Total 8,924 8,711 7,142 2.4% 25.0%
Intensive Care DaysEmergency Room Visits 28,511 28,221 27,965 1.0% 2.0%
Patient DaysRadiology Procedures: MRI 18,293 17,635 17,840 3.7% 2.5% CT Scans 37,580 42,103 41,359 -10.7% -9.1% Other 149,171 147,422 136,778 1.2% 9.1%
Total Radiology Procedures 205,044 207,160 195,977 -1.0% 4.6%
Average Length of StayRadiotherapy Procedures 23,587 20,566 20,642 14.7% 14.3%
% Variances
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Summary of Operating ResultsEight Months Ended February 28, 2010
(000) Omitted
Actual Budget Actual Actual to FY 10 toFY '10 FY '10 FY '09 Budget FY 09
Operating Revenue $652,454 $640,902 611,810 1.8% 6.6%
Operating Expenses 620,493 619,541 601,909 0.2% 3.1%
Income from Operations $31,961 $21,361 $9,901 49.6% > 100%(Operating Margin of 4.9%)
Non-Operating Income 6,575 8,275 (5,556) -20.5% > 100%
Net Income $38,536 $29,636 $4,345 30.0% > 100%
% Variances
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Non Operating Income (Loss) Eight Months Ended February 28, 2010
(000) Omitted
Actual Budget Actual Actual to FY 10 toFY '10 FY '10 FY '09 Budget FY 09
Investment Income & Other Non-Operating Income 5,329$ 6,296$ 7,686$ -15.4% -30.7%
Fair Value Gain (Loss) on Investments 5,732 0 (16,305) 100.0% > 100%
Fair Value Gain (Loss) on Swap debt agreements (8,524) 0 0 -100.0% -100.0%
UWHC portion of Joint Venture Income/Losses:
Wisconsin Therapies/Chartwell 483 232 310 > 100% 55.8%
Wisconsin Dialysis (32) 90 (61) > -100% 47.5%
UHC/Unity 2,951 800 1,837 > 100% 60.6%
UHC/e-Care (624) (560) (512) -11.4% -21.9%
Madison Surgery Center 1,152 1,390 1,449 -17.1% -20.5%
Sleep Equipment of WI - - 12 0.0% -100.0%
Madison United Healthcare Linen 96 27 25 > 100% > 100%
Madison Environmental Resourcing 12 0 3 100.0% > 100%
Total 6,575$ 8,275$ (5,556)$ -20.5% > 100%
% Variances
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Performance Ratios
Favorable Direction FY 10
Budget or Target
S&P 500 "A" Rated
Moodys "A" Rated
Fitch "A" Rated
UWHCA Bond Covenant
Operating Margin 4.9% 3.3% 2.5% 2.2% 2.7%
Total Margin ** 6.2% 4.6% 4.2% 4.6% 3.9%
Days Cash on Hand * 156 138 175 157 171 90, 75 & 45
Days in Accounts Receivable 45 50 49 49 48
Debt Service Coverage Ratio ** 6.5 5.8 3.7 4.3 3.1 2.0, 1.25 & 1.0
Long Term Debt to Capitalization 31.0% 31.0% 34.2% 35.3% 40.3% 65%
Operating Cash Flow 10.7% 10.2% 9.6% 9.1% 8.8%
Cash-to-Debt 154.2% 138.9% 130.8% 113.9% 113.4%
* Days Cash on Hand calculated as a rolling 12 month average
** Excludes unrealized fair value gain/loss on investments and fair value loss on swap agreements
Industry Comparisons
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Accounts ReceivableMonitoring Program
Net Net Days Accounts Revenue
Receivable Outstanding
February 09 109,241,511 48March 09 109,827,613 45April 09 108,227,909 42May 09 101,952,966 40June 09 108,195,704 41July 09 116,266,694 43August 09 121,327,701 46September 09 117,138,592 44October 09 116,650,399 44November 09 116,867,364 44December 09 109,616,395 42January 10 116,607,964 45February 10 116,658,208 45
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Comparison of Charity Care & Bad Debt Expense
FY 10 FY 10 % FY 09 %Actual Budget Variance Variance Actual Variance Variance
Charity 31,551,249$ 25,456,248$ 6,095,001$ 23.9% 22,799,342$ 8,751,907$ 38.4%
% of Revenue 2.42% 2.00% 1.95%
Bad Debt 20,753,605 31,817,607 (11,064,002) -34.8% 21,647,927 ($894,322) -4.1%
% of Revenue 1.59% 2.50% 1.85%
Total 52,304,854$ 57,273,855$ (4,969,001)$ -8.7% 44,447,269$ 7,857,585$ 17.7%
Gross Revenue 1,305,122,445$ 1,272,812,419$ 32,310,026$ 2.5% 1,168,544,378$ 136,578,067$ 11.7%
Total Bad Debt & 4.0% 4.5% 3.8% Charity as % of Revenue
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EBITDA Compared to Debt Service & Capital Expenditures
(000) Omitted
Actual Budget
Net Income $41,328 $29,636Market Value Gain/(Loss) on Unrestricted Investments 5,732 0Fair Value Gain/(Loss) on Swap Agreements (8,524) 0Depreciation 32,456 33,597Interest Expense 5,479 6,331
EBITDA 76,471$ 69,564$
and Working Capital:
Capital Expenditures (24,162) (21,933)Land purchase 3rd East parcel (2,608) 0Capital Contribution - Faculty Office Bldg Buy-out existing space (2,500) (2,500)Capital Contribution - Cardiology equipment & other (140) 0
Net Capital Expenditures (29,270) (24,433)
Est Annual Debt Service (6,676) (12,459)
Decrease (increase) in Working Capital 6,074 (3,608)
Total (Used) Provided ($29,872) ($40,500)
Cash Available for Temporary Investment and Future Capital Expenditures 46,599$ 29,064$
Cash (Used) for Capital Expenditures, Debt Service
Cash Provided:
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Summary of Changes in Net Assets
Eight Months Ended February 28, 2010
Net assets at beginning of period $513,659,405
Net income 41,328,293
Change in fair value of investments 5,731,552
Change in fair value of swap agreements (8,524,048)
Capital grants, gifts and donations 691,381
Additions to permanent gift endowments 89,979
Payments to UW School of Medicine and Public Health
for capital expenditure support (2,640,000)
Increase in net assets $36,677,157
Net assets at end of period $550,336,562
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Comparison to Local CompetitorsFebruary 28, 2010 vs. 2009
UWHC Meriter St. Mary's Total% Change in Admissions
Current Month 4.4% 4.4% (9.2)% (0.3)%
3 Month Rolling Average 4.3% 2.6% (7.6)% (0.3)%
12 Month Rolling Average 2.6% 1.2% (1.2)% 0.9%
% Change in Average Daily Census
Current Month 0.1% 5.9% (3.1)% 0.5%
3 Month Rolling Average 2.6% 3.8% (4.8)% 0.5%
12 Month Rolling Average 4.6% (2.1)% (5.3)% (0.3)%
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UWHC Investment & Returns
February February YTDMarket Value Investment Investment
Account Balances Allocation Return Benchmark
Operating Account and Commercial Paper
US Bank & M&I Bank 92,609,637$ 24.2% 0.13% -0.03% (A)
Intermediate Bond Fund USBank/Baird 74,105,540$ 19.4% 5.58% 5.36% (D)
Capital Replacement Fund Account - UW Foundation 155,814,235$ 40.8% 0.24% 0.25% (B)
Endowment Fund - Equity Securities
UW Foundation $59,571,238 15.6% 10.16% 20.14% (C)
Total Unrestricted Funds 382,100,650$ 100.0%
(A) Average Financial and Non-Financial Commercial Paper less (B) Average 1 Month LIBOR (C) Average S & P 500 Index(D) Barclays Capital Intermediate Gov/Credit-YTD