Fairfield Ledger

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Neighbors Growing Together | Oct 20, 2017

Health center revenue up 1 percent

By VICKI TILLIS, Ledger news editor | Oct 23, 2012

Jim Hingtgen of Denman and Company presented the Jefferson County Health Center annual audit report for fiscal year 2012, during the monthly meeting of the board of trustees Monday evening.

“You had a good year,” Hingtgen said.

The health center had a 1 percent increase in its gross revenue going from $33,964,000 in FY 2011 to $34,370,000 in FY 2012.

Hingtgen said the greatest part of the health center’s revenue comes from patient services. The net patient service revenue increased 8 percent from $20,544,000 in FY 2011 to $22,233,000 in FY 2012.

A breakdown of the 2012 patient service payor mix shows: 54 percent was paid by Medicare; 35 percent was paid by commercial insurance; 9 percent was paid by Medicaid; and 2 percent was paid by patients themselves.

The health center had total expenses of $24,442,000, a 10 percent increase from $22,171,000 in FY 2011.

Hingtgen said part of the increase was due to increased physician recruiting expenses for the medical clinics.

Part of the expenses also was salaries, which increased by 9 percent from $7,414,000 in FY 2011 to $8,068,000 in FY 2012.

The health center’s total assets increased from $54,034,000 in FY 2011 to $55,228,490. Hingtgen pointed out the health center has about $2,000 more in cash and about $1.2 million more in assets.

Other financial highlights in the report included:

• Property and equipment decreased from FY 2011 by $1,919,739, following a decrease of $6,453,313 in FY 2011.

• The total debt decreased from FY 2011 by $670,000, following a decrease of $1,268,204 in FY 2011.

• Fund equity increased in FY 2012 by $2,786,187 and decreased by $3,609,437 in FY 2011.

• Total margin for FY 2012 was 11 percent compared to negative 17.1 percent for FY 2011. The larger margin in FY 2012 was due to greater revenues generated from additional physicians being on staff.

“Gene [Irwin, the health center’s chief financial officer] does a good job keeping on top of things for the hospital,” said Hingtgen, pointing out the Denman audit did not find any mistakes and only made two adjustments due to information that wasn’t available until after June 30. “You had a good year, and Gene mentioned you’re off to a good start for 2013.”

In his monthly financial report, Irwin said the month of September was a very good month, with strong inpatient and outpatient activity.

During September, the health center had a net income of $546,167, compared to the $161,784 it had budgeted, which is a 237.6 percent variance.

“This is a significant increase over where we were at this time last year,” said Irwin.

A total of 3,204 claims were filed in September, with a gross value of $2,741,051. Medicare collections for the month totaled $980,182. Medicaid collections for September were $145,976. Total patient collections for September, including Medicare, Medicaid and physician clinic, was $1,958,522.

In other financial business, the board approved First National Bank in Fairfield, Iowa State Bank & Trust Company and Libertyville Savings Bank as the health center’s banking facilities and set $15 million as the maximum amount that could be at any one facility.

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