Moody's: 118 Statistics on Non-Profit Hospital Medians

Last week, Moody's Investors Service issued a report citing that non-profit hospitals had a solid fiscal year 2011. Median revenue grew 5.3 percent, and hospitals generally kept their balance sheets cleaner and emphasized a healthier cash flow.

Hospitals' financial metrics improved year-over-year from 2010 to 2011, but Moody's said the stable medians are not likely to last given the lower inpatient volumes and impending decreases to federal healthcare programs like Medicare. The following 118 median statistics compare several financial metrics from FY 2010 to FY 2011.


Note
: The following data are based on audited financial statements for 400 hospitals and single-state health systems within Moody's database. Utilization and liquidity statistics are based on a smaller sample size where five years of consistent data are available.

Utilization


Category

FY 2010

FY 2011

Maintained beds

403

406

Admissions

22,267

22,180

Patient days

103,838

103,089

Average length of stay

4.6 days

4.7 days

Maintained bed occupancy

65.5 percent

65.1 percent

Emergency room visits

71,645

73,909

Outpatient visits

282,136

276,284

Outpatient surgeries

9,784

10,157

Medicare case mix index

1.59

1.58

Observation stays

4,073

4,593



Financial performance


Category

FY 2010

FY 2011

Net patient revenues

$469.9 million

$504 million

Total operating revenue

$501.7 million

$522.5 million

Interest expense

$7.6 million

$7.5 million

Depreciation and amortization expense

$26.5 million

$27 million

Total operating expenses

$484.2 million

$504 million

Income from operations

$10.4 million

$12.8 million

Excess of revenue over expenses

$24.4 million

$27 million

Net revenue available for debt service

$62.4 million

$62.3 million

Operating cash flow

$46.3 million

$47.4 million

Debt service

$14.4 million

$15.4 million

Additions to property, plan & equipment

$31.6 million

$33.8 million



Balance sheet


Category

FY 2010

FY 2011

Unrestricted cash and investments

$202.2 million

$225.8 million

Net fixed assets

$258.5 million

$266.7 million

Total debt

$189.3 million

$191.9 million

Unrestricted net assets

$278.8 million

$301.1 million

Total comprehensive debt

$248.1 million

$259.4 million

Monthly liquidity

$207.6 million

$225.8 million

Annual liquidity

$217.1 million

$234.9 million



Key ratios


Category

FY 2010

FY 2011

Operating margin

2.4 percent

2.5 percent

Excess margin

4.7 percent

4.9 percent

Operating cash flow margin

9.3 percent

9.3 percent

Return on assets

4.5 percent

4.5 percent

Annual debt service coverage

4.3x

4.4x

Maximum annual debt service coverage

4.1x

4.2x

Current ratio

1.9x

1.9x

Cash on hand

159.8 days

165 days

Cushion ratio

14.3x

14.9x

Cash-to-debt ratio

110.8 percent

117.7 percent

Accounts receivable

44.3 days

45.1 days

Average payment period

56.9 days

58.6 days

Debt-to-capitalization ratio

41.6 percent

40.4 percent

Debt-to-cash flow

3.6x

3.5x

Bad debt as a percent of net patient revenue

6.1 percent

6.1 percent

Average age of plant

10.2 years

10.5 years

Capital spending ratio

1.1x

1.2x

Debt-to-total revenue

36.2 percent

36.1 percent

Three-year operating revenue CAGR

6.1 percent

5.4 percent

Cash-to-total comprehensive debt

84.4 percent

88 percent

Monthly liquidity to demand debt

311.3 percent

340.4 percent

Annual liquidity to demand debt

342.8 percent

373.7 percent

Puttable debt as a percent of total debt

38.1 percent

35.1 percent

Cash-to-demand debt

347.9 percent

384 percent

Monthly liquidity to total cash/investments

99.6 percent

98 percent



Patient revenue sources by gross revenue


Category

FY 2010

FY 2011

Medicare

43.4 percent

43.7 percent

Medicaid

12.4 percent

13 percent

Blue Cross

15.7 percent

15.6 percent

Commercial

4.9 percent

4.6 percent

Managed care

20 percent

19 percent

Self-pay and other

7.6 percent

7.9 percent



More Articles on Hospital Finance:

Moody's: Non-Profit Hospital Medians Stable in FY 2011, But Changes Loom

27 Statistics on S&P Median Ratios

58 Statistics on FY 2011 Median Hospital Financial Metrics

Copyright © 2022 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.

 

Featured Whitepapers

Featured Webinars