As of Tuesday, March 3, 2015
What else was in the audit?
• In 2014, $542,000 in bad debt was written off. In 2013 that number was $712,280.
• The Kooskia Clinic brought in $150,278 in 2014, up from $134,288 in 2013.
• Operating room revenue was at $100,439 in 2014, down from $148,719 in 2013.
• The emergency room revenues were $1,081,247 in 2014, down from $1,763,970 in 2013.
The entire audit report is available at Syringa Hospital, 607 West Main Street, Grangeville.
GRANGEVILLE – “Well, it wasn’t as good of a year as 2013 in some ways,” said Carl Swenson of Crandall, Swenson & Gleason, Chtd., Certified Public Accountants.
Swenson presented the 2014 Syringa Hospital audit to the board of trustees at their regular meeting Feb. 23.
“Statistically, you saw an 18 percent decrease in patient days from 2013 to 2014,” he explained.
Although this may seem worrisome, Swenson said the trend has been going from hospitals making their money on in-patient days to the newer trend of ancillary services (such as scans, blood draws, physical therapies, etc.) making up the funds.
“For example, your CT scan revenue is up 14 percent over last year,” he said.
The bottom line for 2014 had the hospital at a loss of $4,611. In 2013, the facility ended the year at $349,882 in the black.
“Of course that included a large donation that year,” Swenson said, making reference to the funds left to Syringa from the Orrin and Eleanora Webb estate.
The hospital’s taxing district brought in $477,798 in 2014, down from 2013’s $493,445.
Swenson said the hospital’s largest expenses were generated in its wages, salaries, benefits and payroll taxes.
“This accounts for 58 percent of your total year’s expenses,” he shrugged, adding, “You’re a hospital — you provide services – I’ve seen other hospitals at 75 percent.”
Swenson added, “All in all, I think the results are pretty reasonable. Of course, you’d like to come out even or above, but it didn’t happen this round.”
Since the audit was completed, Syringa did receive a final Medicare reimbursement for 2014, said CFO Betty Watson, which would put them well into the black. Medicaid and Medicare reimbursements often are not finalized until the prior year.
Each year, the accounting firm assigns a “Z Value” to the hospital which speaks to its financial viability. He explained anything above a 3.8 is considered a strong, financially viable business.
“For 2014, Syringa is at a 5.7,” he said. This is up from 2013’s 5.5. The 2012 Z Value was 6.4.