Profits were up in 2018, Bristol Hospital corporators were told at their annual meeting.
During the Bristol Hospital and Health Care Group meeting on April 3, finance committee chair Louis Auletta, Jr., presented the 2018 financial information.
“During 2018, we continued to see strong profitability at EMS and Ingraham Manor,” said Auletta. “Revenues at Bristol Hospital increased by 6.3 percent as a result of in-patient volume increases that resulted from the opening of our Senior Behavioral Health Unit in March 2018.”
Revenues at the Multi Specialty Group increased by 9.3 percent, and Auletta reported “the loss of operations declines by nearly $900,000.”
Auletta reported that BHHCG finished fiscal year 2018 “with income of $1.9 million, on $187 million in net revenues.” From 2017, income saw an increase of approximately $8.1 million. Non-operating income saw an increase of $900,000, or 85.6 percent.
Some of the key contributing factors, according to Auletta, were that “net operating revenues increased by $13.2 million or 7.6 percent, while operating expenses increased by only $6 million or 3.3 percent.”
Part of the low growth in operating expense is due to a $720,000 reduction in malpractice expenses. Auletta explained that this is a settlement of “a single large claim during 2017,” which created a one-time charge.
“On the balance sheet, most importantly, both ‘days cash on hand’ and the debt service coverage ratio exceeded our bond covenant requirements for both the March 31 and Sept. 30 measurement dates,” said Auletta.
Unlike trends at the local and national level, Auletta said “inpatient medical surgical patient days increased by a half percent.” And, surgical volumes increased by “just over 3 percent.” In line with national trends, he said, emergency department visits have declined by 7 percent.
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