Samaritan Healthcare shows $4.8M profit for year

MOSES LAKE - Samaritan Healthcare turned a $657,779 profit in July, and made a $4.8 million profit through the first seven months of 2014.

Net income through July 31 was about 10 percent over the budget projections, according to a report given to the hospital's board of commissioners. In 2013 the hospital had a profit of $2.9 million in the same time period.

"We've had a good year so far," Tom Legel, the hospital's chief financial officer, said.

July patient revenue was about 8 percent higher than June revenue, but there's a lot of volatility in month-to-month revenue, Legel said. The smaller the hospital, the more volatile it can be, he said.

Total expenses for July were $5,498.022, about 13 percent under budget projections, and total expenses for the year to date were $37.7 million. That was about 3 percent under the budget projection.

Hospital officials can't control how many patients use the hospital or Samaritan Clinic, but they can control expenses, he said.

Patient utilization for July was slightly under budget projections, with 320 inpatient discharges (people who stayed at least one night). The hospital had 4,533 outpatient visits (people who were treated and went home the same day), about 4 percent more than June.

For the year through the end of July, patient discharges were 2,293, as opposed to 2,272 during the same time period in 2013. Outpatient visits for 2014 are 30,966, as opposed to 26,644 during the same period in 2013.

Both surgeries and baby deliveries were up in July, Legel said.

Samaritan Clinic is included in the financial report. July net revenue at the clinic was $624,169, and for the year to date the clinic had $4.8 million in net revenue.

The clinic had 4,347 visits during July, and has 30,597 through the first seven months of 2014.

The hospital's reserve funds are healthy enough that the hospital has enough cash on hand for 178 days, which is above the budget target of enough money for 150 days. The recommended industry standard is 111 days, according to the report.

Accounts receivable (the length of time it takes to get payment) was an average of 57 days, which is one day less than 2013. But that's seven days higher than the industry standard.