Phoebe Putney Memorial Hospital Finance Committee reviews audited financial statements

ALBANY — The financial outlook of Phoebe Putney Memorial Hospital from the fiscal year that recently ended has been disclosed for a few of its officials and committee members.

The Phoebe Putney Memorial Hospital Finance Committee recommended for approval the audited financial statements for the hospital for Fiscal Year 2014 at its most recent meeting on Tuesday.

The balance sheets, presented by Lin Harris of Draffin and Tucker, showed, for Fiscal Year 2014, total assets at $617.52 million compared to $641.32 million the year before.

Roughly $14 million was used to purchase facilities and equipment, including $4.6 million going to Meredyth Outpatient Diagnostic Imaging, $3 million invested in computers and software and approximately $700,000 for a cardio-pulmonary bypass machine, Phoebe officials said.

Total current liabilities were at $47.17 million in 2014, down slightly from $49.62 million in 2013. Total liabilities — including long-term debt and accrued pension cost — were at $440.65 million in the last fiscal year compared to $477.68 million the previous year. The long-term debt, Harris said, continues to be paid off with $297.59 million in Fiscal Year 2014 after it had been $303.59 million in 2013.

Accrued pension cost was at $68.03 million, down from $103.15 million in 2013. Total net assets were at $176.86 million in 2014 compared to $163.64 million the previous year, the statements provided Tuesday reflected.

Total revenues, gains and other support were at $488.05 million in the most recent fiscal year after it had been $515.69 million the year before. Total expenses were at $506.93 million in 2014 compared to $532.19 million in 2013, while there was an operating loss of $18.88 million in 2014 and $16.5 million in 2013.

Numbers available on patient service revenue showed a figure of $158.13 million for Medicare and $72.19 million for Medicaid in 2014, while in 2013, patient service revenue for Medicare was at $168.78 million and $72.23 million for Medicaid. The total for all payers, including third-party payers and self-pay, was $542.62 million in 2014 and $574.44 million in 2013, the balance sheets showed.

In uncompensated services, there was a total of $922.37 million in uncompensated care, up from $905.99 million in the 2013 fiscal year. The 2014 figure included $67.48 million in charity and indigent care, the balance sheet showed.

The audit was recommended for approval by the full hospital board, which usually meets on the first Wednesday of the month.