Phoebe approves financial reports

ALBANY, Ga. — The Finance Committee for Phoebe Putney Memorial Hospital recommended for approval Wednesday the hospital’s most recent Form 990.

The form covers the tax year from August 2010 through July 2011 and is a total of 93 pages in length. The hospital board approved the document later that day, ahead of the March 15 deadline to file it.

The form shows the hospital had $637.8 million in total assets at the end of the fiscal year, compared to $589.4 million at the beginning of the year. At the same time, Phoebe had $420.7 million in total liabilities by July 2011 after having had $390.1 million at the beginning of the fiscal year.

Meanwhile, the hospital had $505.3 million in total revenue compared to $490.2 million the previous year.

The form also includes information on financial assistance, community benefits — including indigent care — donations, research, bad debt and bonds.

The 990 states that Phoebe received slightly more than $1 million in total financial and in-kind support that year.

The form also lists the compensation for Phoebe’s administrative staff within that timeframe. Phoebe Putney Health System CEO Joel Wernick reportedly received a base compensation of $553,358. When bonus and incentive compensation, other reportable compensation, retirement and other deferred compensation and nontaxable benefits are added, the total package for that fiscal year totalled $1.1 million.

Next in line after Wernick is Joe Austin, the system’s chief operating officer. Austin received a base compensation of $384,085 with a total package of $613,774.

Officials said the form was expected to be on Phoebe’s website in the next few days.

In addition to presenting the 990, Kerry Loudermilk, Phoebe’s chief financial officer, gave a year-to-date financial report for the current fiscal year.

The report showed $589.6 million in revenues. The hospital had budgeted $582.9 million. At the same time, Phoebe has had $206.2 million in expenses after budgeted for $199.1 million.

This means the hospital is $7 million over budget in expenses.

“This is associated with costs we need to make sure we are taking care of patients,” Loudermilk said. “We need to make sure we are not out of range of hospitals of (similar) size.

“If we can take care of patients in a less costly manner, we (will increase) the quality of care.”

On that note, Loudermilk added that the average length of stay in the hospital is decreasing. Initially budgeted for 5.25 days, Phoebe has reportedly shown an average of 5.04 days for the year to date.

“Generally, when that number goes down, the quality (of care) goes up,” he said. “(Those items) are inversely related.”