At the end of April, Moody's Investors Service released a report on its preliminary median data for non-profit hospitals and health systems in fiscal year 2011. The data showed some consistency with the median data from FY 2010, but revenue growth is still sluggish due to flat volumes and high exposures to unfavorable payor mixes.
Revenue growth improved to 5.3 percent based on FY 2011 preliminary medians, a slight increase from 4.5 percent last year. The following 58 preliminary median statistics include several financial metrics, from utilization data to balance sheet averages.
Note: The following data are preliminary medians. Financial data are based on audited financial statements for 213 hospitals and single-state health systems within Moody's database. Utilization and liquidity statistics are based on a smaller sample size where three years of consistent data are available. Moody's final FY 2011 medians with all 479 Moody's organizations are expected to be published this summer.
Maintained beds: 419
Admissions: 22,041
Patient days: 103,241
Average length of stay: 4.7 days
Maintained bed occupancy: 66 percent
Emergency room visits: 76,093
Outpatient visits: 303,735
Outpatient surgeries: 9,519
Medicare Case Mix Index: 1.6
Observation stays: 4,704
Net patient revenues: $494.6 million
Total operating revenue: $519.1 million
Interest expense: $7.1 million
Depreciation and amortization expense: $25.7 million
Total operating expenses: $496.8 million
Income from operations: $12.7 million
Excess of revenue over expenses: $27 million
Net revenue available for debt service: $65.7 million
Operating cash flow: $48.1 million
Debt service: $14.1 million
Additions to property, plant and equipment: $32 million
Unrestricted cash and investments: $239.3 million
Net fixed assets: $259.6 million
Total debt: $186.7 million
Unrestricted net assets: $334.2 million
Total comprehensive debt: $244.5 million
Monthly liquidity: $234.6 million
Annual liquidity: $239.3 million
Operating margin: 2.6 percent
Excess margin: 5.2 percent
Operating cash flow margin: 9.5 percent
Return on assets: 4.6 percent
Annual debt service coverage: 4.6
Maximum annual debt service coverage: 4.3
Current ratio: 1.9
Cash on hand: 174.8 days
Cushion ratio: 16.4
Cash-to-debt: 125.9 percent
Accounts receivable: 43.1 days
Average payment period: 56.6 days
Debt-to-capitalization: 39.1 percent
Debt-to-total-revenue: 34.9 percent
Debt-to-cash flow: 3.4
Bad debt as a percent of net patient revenue: 6.3 percent
Average age of plant: 10.3 years
Capital spending ratio: 1.1
Cash-to-total comprehensive debt: 97.7 percent
Monthly liquidity to demand debt: 332.9 percent
Annual liquidity to demand debt: 366 percent
Puttable debt as a percentage of total debt: 34.4 percent
Cash-to-demand debt: 383.4 percent
Monthly liquidity to total cash and investments: 97.8 percent
Medicare: 43.7 percent
Medicaid: 12.8 percent
Blue Cross: 15.8 percent
Commercial: 5 percent
Managed care: 18.6 percent
Self-pay and other: 7 percent
Revenue growth improved to 5.3 percent based on FY 2011 preliminary medians, a slight increase from 4.5 percent last year. The following 58 preliminary median statistics include several financial metrics, from utilization data to balance sheet averages.
Note: The following data are preliminary medians. Financial data are based on audited financial statements for 213 hospitals and single-state health systems within Moody's database. Utilization and liquidity statistics are based on a smaller sample size where three years of consistent data are available. Moody's final FY 2011 medians with all 479 Moody's organizations are expected to be published this summer.
Utilization
Maintained beds: 419
Admissions: 22,041
Patient days: 103,241
Average length of stay: 4.7 days
Maintained bed occupancy: 66 percent
Emergency room visits: 76,093
Outpatient visits: 303,735
Outpatient surgeries: 9,519
Medicare Case Mix Index: 1.6
Observation stays: 4,704
Financial performance
Net patient revenues: $494.6 million
Total operating revenue: $519.1 million
Interest expense: $7.1 million
Depreciation and amortization expense: $25.7 million
Total operating expenses: $496.8 million
Income from operations: $12.7 million
Excess of revenue over expenses: $27 million
Net revenue available for debt service: $65.7 million
Operating cash flow: $48.1 million
Debt service: $14.1 million
Additions to property, plant and equipment: $32 million
Balance sheet
Unrestricted cash and investments: $239.3 million
Net fixed assets: $259.6 million
Total debt: $186.7 million
Unrestricted net assets: $334.2 million
Total comprehensive debt: $244.5 million
Monthly liquidity: $234.6 million
Annual liquidity: $239.3 million
Key ratios
Operating margin: 2.6 percent
Excess margin: 5.2 percent
Operating cash flow margin: 9.5 percent
Return on assets: 4.6 percent
Annual debt service coverage: 4.6
Maximum annual debt service coverage: 4.3
Current ratio: 1.9
Cash on hand: 174.8 days
Cushion ratio: 16.4
Cash-to-debt: 125.9 percent
Accounts receivable: 43.1 days
Average payment period: 56.6 days
Debt-to-capitalization: 39.1 percent
Debt-to-total-revenue: 34.9 percent
Debt-to-cash flow: 3.4
Bad debt as a percent of net patient revenue: 6.3 percent
Average age of plant: 10.3 years
Capital spending ratio: 1.1
Cash-to-total comprehensive debt: 97.7 percent
Monthly liquidity to demand debt: 332.9 percent
Annual liquidity to demand debt: 366 percent
Puttable debt as a percentage of total debt: 34.4 percent
Cash-to-demand debt: 383.4 percent
Monthly liquidity to total cash and investments: 97.8 percent
Patient revenue sources by gross revenue
Medicare: 43.7 percent
Medicaid: 12.8 percent
Blue Cross: 15.8 percent
Commercial: 5 percent
Managed care: 18.6 percent
Self-pay and other: 7 percent
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