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Syringa receives clean audit for FY 2013

Photo by Lorie Palmer

GRANGEVILLE — The books are in order.

Syringa Hospital received a clean audit from Crandall, Swenson, Gleason and Wadsworth Chtd, certified public accountants.

“This was presented at our February board meeting,” stated CEO Joe Cladouhos. The hospital’s fiscal year ended in September 2013.

Total unrestricted assets for SH totaled $10,993,105, up from 2012’s $10,298,013.

SH took in $349,882 revenue in excess of expenses for 2013 as opposed to 2012’s $1,184,813. Much of this is accounted for in depreciation. Donations totaled $1,191,373 in 2013 ($1,629,507 in 2012).

Operating expenses were at $8,342,816 in 2013 and $7,866,509 in 2012.

Net assets at the end of 2013 for SH were $9,236,371; 2012’s number was $8,886,489.

The hospital’s long-term debt/capital lease obligations include money owed for laboratory equipment, building purchase and software. The 2013 debt balance was $179,888 ($158,912 in 2012).

SH’s patients in 2013 included 33.9 percent Medicare (28 percent in 2013), 7.7 percent Medicaid (5.6), 20.5 percent Blue Cross/Blue Shield (20.2 percent); 11.3 other third party payors (16.4) and 26.6 percent patients self-paying (29.8).

Personnel costs accounted for most of the hospital’s expenses in 2013: $7,567,937 ($7,500.296 in 2012 and $7,088,229 in 2011). Al Valorem taxes (Syringa’s hospital taxing district) were $493,445 for 2013.

The average patient revenue per admission for 2013 was $30,384 ($32,381 in 2012 and $28,426 I 2011) while the average operating expenses per admission were $25,991 in 2013, $26,637 in 2012 and $25,006 in 2011. Average inpatient length of stay in 2013 was 4.4. days; 4.1 days in both 2011 and 2012.

As is usual each year, the audit included a “Z Value” for SH, which is a way to put a number value on the financial viability of the hospital.

The 2013 Z Value factor came in at 5.6. In 2012 the number was 6.4; 4.19 in 2011 and 4.85 in 2010.

“Anything at 3.0 or above is considered a strong, viable organization,” confirmed SH chief financial officer Betty Watson.

The entire financial report is available at Syringa’s business office.


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