Hoboken Municipal Hospital Authority d/b/a Hoboken University Medical Center Financial Statements

For The Period Ended October 31, 2009

Hoboken Municipal Hospital Authority d/b/a Hoboken University Medical Center Financial Statements

For The Period Ended October 31, 2009

CONTENTS

1. Statement of Net Assets

2. Statement of Operations - Hoboken University Medical Center

3. Statement of Operations - Hudson Health Care, Manager

4. Summary of Cash Receipts & Disbursements

5. Selected Financial Indicators

6. Selected Operating Statistics

Hoboken University Medical Center
Statement of Net Assets
October 31, 2009
HUMC
~
CURRENT ASSETS:
Cash and Cash Equivalents $ 150.943
Patient Receivables. net of allowance for dou btful accounts 12236.910
Grants & subsidies receivable 607.178
Due From 3rd Party Payers (Medicare PlP = $1.9M) 2,759.781
Due From Foundation lA91.765
Inventories 2.164.291
Other Current Assets 2.776.944
Total Current Assets $ 22.187.812
RESTRICTED FUNDS:
Cash and Cash Equivalents 15.762.170
CAPITAL ASSETS - Net 46.816.745
BOND ISSUANCE COSTS - Net 2.045.146
TOTAL s 86.811.873
LIABILITIES AND NET ASSETS
CURRENT LIABILITIES:
Accounts Payable $ 15.137.627
Accrued Payroll and Benefits 6.314.885
Other Accrued expenses 2.273.906
Interest Payable 994.880
Due to 3rd Party Payers 1,247.983
Other Current Liabilities 1.399.739
Deferred Revenue - (DSH = $6.2M. CC = $.8M) 7.078.634
Current portion of long term debt 1,850.000
Total Current Liabilities 36,297.654
LONG TERM DEBT 50,150.000
TOTAL LIABILITIES $ 86,447,654
NET ASSETS:
Restricted & Unrestricted assets. net of investment in capital
assets and related debt 364.219

TOTAL s 86.811.873 Page 1

Hoboken University Medical Center
STATEMENT OF OPERATIONS
For The Period Ended October 31, 2009
MONTH TO DATE YEAR TO DATE
ACTUAL BUDGET VARIANCE ACTUAL BUDGET VARIANCE
Operating Revenues:
$ 7,528,028 $ 10,033,425 $ (2,505,397) Net Patient Service Revenue less Bad Debt $ 81,417,869 $ 89,030,293 $ (7,612,424)
772,551 633,333 139,218 Disproportionate Share Revenue - MA 6,935,390 6,333,333 602,057
8,300,579 10,666,759 (2,366,180) Total Patient Service Revenues 88,353,259 95,363,626 {7 ,01 0,367}
Other Operating Revenues:
1,228,685 1,157,888 70,797 State Charity Care subsidy (UCC) 11,862,063 11,578,876 283,187
- 101,240 (101,240) State Hospital Relief subsidy 598,377 1,012,400 (414,023)
21,329 21,420 (91) State Mental Health subsidy 213,289 214,200 (911)
162,282 166,603 (4,321) Graduate Medical Education (Mcare & Mcaid) 1,707,181 1,666,030 41,151
376,671 347,748 28,923 Grant Revenues 3,569,251 3,410,170 159,081
145,688 41,188 104,500 Other 933,043 403,909 529,134
1,934,655 1,836,086 98,569 Total Other Operating Revenues 18,883,204 18,285,585 597,619
10,235,234 12,502,845 (2,267,611) Total Operating Revenues 107,236,463 113,649,211 (6,412,748)
Requisitioned Expenses:
11,475,476 11,450,124 (25,352) Manager/Contractor 113,754,798 112,947,538 (807,260)
35,082 31,667 (3,415) MHA - Direct Organization Costs 372,281 316,667 (55,614)
11,510,558 11,481,791 (28,767) Total Operating Expenses 114,127,079 113,264,204 (862,875)
Income(Loss) From Operations Before
(1,275,324) 1,021,054 (2,296,378) Depreciation & Amortization (6,890,616) 385,006 (7,275,622)
(449,930) (468,392) 18,462 Depreciation & Amortization Expense (4,439,698) (4,457,124) 17,426
(1,725,254) 552,662 (2,277,916) Income I (Loss) from Operations (11,330,314) (4,072,118) (7,258,196)
NonOperating Revenues (Expenses)
(217,730) (224,814) 7,084 Interest Expense (2,188,588) (2,231,092) 42,504
2,828 12,758 (9,930) Interest Earnings - Bonds 31,196 125,116 (93,920)
41,666 41,667 (1 ) HUMe Foundation Donation 416,660 416,667 (7)
$ (1,898,490) $ 382,273 $ (2,280,763) Revenues over Expenses $ (13,071,046) $ (5,761,427) $ (7,309,619) Page 2

Hudson Health Care - Manager/Contractor
STATEMENT OF OPERATIONS
For The Period Ended October 31, 2009
MONTH TO DATE YEAR TO DATE
ACTUAL BUDGET VARIANCE ACTUAL BUDGET VARIANCE
Expenses:
$ 5,640,538 $ 5,642,998 $ 2,460 Salaries - Employees & Physicians $ 55,519,027 $ 55,237,784 $ (281,243)
140,818 104,942 (35,876) Salaries - Residents 1,090,380 1,029,107 (61,273)
1,639,799 1,572,052 (67,747) Fringe Benefits 16,644,133 16,066,249 (577,884)
578,825 623,468 44,643 Physician Pro Fees 6,131,382 6,234,675 103,293
1,205,116 1,354,138 149,022 NonPhys Pro Fees & Purchased Srvs 12,869,182 13,441,377 572,195
1,428,416 1,354,777 (73,639) Supplies 13,615,274 13,147,791 (467,483)
295,808 240,076 (55,732) Rentals & Leases 2,728,196 2,400,759 (327,437)
203,762 209,143 5,381 Utilities 2,046,569 2,172,002 125,433
145,357 165,417 20,060 Insurance 1,585,127 1,654,173 69,046
112,760 115,578 2,818 Repairs & Maint 827,262 888,250 60,988
84,277 67,537 (16,740) Other 698,266 675,372 (22,894)
$ 11,475,476 $ 11,450,124 $ (25,352) Total Operating Expenses $ 113,754,798 $ 112,947,538 $ (807,260) Page 3

Hoboken University Medical Center
Summary of Cash Accounts
Receipts & Disbursements
Note: The Cash balances outlined below are comprised of separate General Ledger accounts (HMHA Operating, Revenue and
Lockbox as well as HHC Operating and Payroll accounts). These balances do not include any of the Bond funds.
The Bond funds are separate accounts.
Jan 09 Feb 09 Mar 09 Apr 09 May 09 June 09 July 09 Aug 09 Sept 09 Oct 09
Cash per General Ledger, Beg
balance $ 2,969,654 $ 1,496,884 $ 1,850,001 $ 2,957,270 $ 360,358 $ 911,601 $ 178,445 $ (245,358) $ 87,863 $ 94,012
Receil'l:ts
Transfers to HHC Oper
account from HMHA Rev fund 15,959,979 12,087,931 12,233,043 8,888,500 8,300,419 10,087,796 16,067,238 10,817,913 10,477,050 11,993,009
Charity Care subsidy (UCC) 1,157,877 1,157,877 1,157,877 1,157,877 0 0 2,000,000 1,228,685 1,228,685 1,228,685
DSH Payment 0 0 0 0 0 0 4,634,305 0 2,300,000 2,334,296
Cash Colis - Patient accounts 5,679,706 9,034,521 10,235,776 6,638,601 10,293,535 10,186,370 6,807,911 7,672,477 8,538,837 7,738,977
Mcare PIP payments 1,990,000 2,068,000 2,068,000 2,068,000 2,068,000 2,068,000 2,068,000 2,068,000 2,068,000 2,068,000
Other 1,889 0 303,371 0 0 0 0
Net Receipts 24,789,451 24,348,329 25,998,067 18,752,978 20,661,954 22,342,166 31,577,454 21,787,075 24,612,572 25,362,967

Disbursements
Sweeps and Prior Period
Corrections (12,976,321 ) (12,968,633) (13,865,998) (8,983,970) (8,486,045) (10,131,287) (16,067,238) (10,817,913) (12,077,050) (12,706,879)
Payroll & Tax Expense (7,147,782) (5,311,071 ) (5,350,285) (5, 145,464} (5,043,507) (7,830,863) (8,137,512) (5,389,519) (5,332,175) (7,413,337)
Accounts Payable (6,138,118) (5,715,508) (5,674,515) (7,220,456) (6,581,159) (5:,113,172) (7,796,507) (5,246,422) (7,197,198) (5,185,820)
Other
Net Disbursements (26,262,222) (23,995,212) (24,890,798) (21,349,890) (20,110,711) (23,075,322) (32,001,257) (21,453,854) (24,606,423) (25,306,036)

Cash per General Ledger,
Ending balance $ 1,496,884 $ 1,850,001 $ 2,957,270 $ 360,358 $ 911,601 $ 178,445 $ (245,358) $ 87,863 $ 94,012 $ 150,943 Hoboken University Medical Center SELECTED OPERATING STATISTICS October 31,2009

Month-to-Date Statistic Year-to-Date
Actual Budget Variance Actual Budget Variance

857 1,007 (150) Discharges * 7,854 8,568 (714)
4,140 5,230 (1,090) Patient Days * 40,161 47,833 (7,672)
133.55 168.71 (35.16) ADC 132.11 157.35 (25.24)
4.83 5.19 0.36 ALOS 5.11 5.58 0.47
3,049 3,576 (527) Emergency Room Visits ** 29,208 29,783 (575)
466 640 (174) Emergency Room Admits 4,008 5,035 (1,027)
523 484 39 Surgeries (IP & OP) 4,881 4,923 (42)
1.0952 1.2794 (0.1842) Medicare Case Mix Index *** 1.2836 1.2794 0.0042
0.9410 1.0359 (0.0949) Total Hospital CMI *** 0.9973 1.0359 (0.0386) * Excludes Newborn

** Includes Emergency Room Admits u* Excludes Psych & Rehab

Page 6

Hoboken University Medical Center SELECTED FINANCIAL INDICATORS For The Period Ended October 31, 2009

YTD Actual YTD Budget
FTEs (includes Contract FTEs) 1,055 1,094
Current Ratio 0.61
Days in Accounts Receivable 45.7
Days in Accounts Payable 113.6
Net Patient Service Rev (less Bad Debt) per Adj Discharge $7,087 $7,354
Total Revenue per Adj Discharge $8,602 $8,764
Total Expenses per Adj Discharge $9,510 $9,079
Net Patient Service Rev (less Bad Debt) per Adj Patient Day $1,386 $1,317
Total Revenue per Adj Patient Day $1,682 $1,570
Total Expenses per Adj Patient Day $1,860 $1,626 Page 5

Hoboken University Medical Center SELECTED OPERATING STATISTICS Comparison of Current Year and Prior Year Actual Results October 31, 2009

Month~to~Date Statistic Year-to-Date
Current Prior Current Prior
Year Year Year Year
Actual Actual Variance Actual Actual Variance
857 767 90 Discharges * 7,854 7,948 (94)
4,140 3,981 159 Patient Days * 40,161 44,150 (3,989)
133.55 128.42 5.13 ADC 132.11 144.75 (12.64)
4.83 5.19 0.36 ALOS 5.11 5.55 0.44
3,049 2,540 509 Emergency Room Visits ** 29.208 26,920 2,288
466 400 66 Emergency Room Admits 4.008 3,953 55
523 481 42 Surgeries (lP & OP) 4.881 4,733 148
1.0952 1.1526 (0.0574) Medicare Case Mix Index *** 1.2836 1.2867 (0.0031)
0.9410 0.9704 (0.0294) Total Hospital CMI *** 0.9973 1.0454 (0.0481)
• Excludes Newborn
... Includes Emergency Room Admits
.... Excludes Psych & Rehab Page 6a