GRANGEVILLE – “You had a very good year,” accountant Carl Swenson told the Syringa Hospital board Tuesday, Jan. 22.
Swenson presented the annual audit report on behalf of Crandall-Swenson, PLLC, certified public accountants, Boise.
“Looking back the past eight or nine years, this was about the best year,” he continued.
The hospital ended its fiscal year 2018 in the black with $164,984, as compared to last year’s deficit of $683,180.
This occurred in part, Swenson said, due to clinic revenue increasing by 23 percent, hospice revenue going up 23 percent and hospital swing-bed days rising from 310 in 2017 to 655 in 2018.
Swenson said the hospital writes off approximately $17,000 a day due to “contractual adjustments” with insurance companies.
He reported the hospital incurred a small 2018 operating income before depreciation, of $32,388 (versus a 2017 loss of $1,155,162), and an operating loss after depreciation of $643,049 (versus a 2017 loss of $1,807,928).
Nonoperating revenues, mainly Idaho County property taxes of $542,263, and donations and grants totaling $245,452, decreased the above loss by $808,033, leaving a net excess for 2018 of revenues over expenditures of $164,984.
Syringa Hospital Year comparisons:
|Emergency room visits||3,296||3,010|
“You have the ongoing challenge to make sure you’re performing quality services at reasonable costs,” he said, adding Syringa is “blessed and fortunate to have public support through a taxing district.”
Swenson ended with the yearly “Z Value” ranking.
He gave Syringa a “Z Value” of 4.8. The Z Value is a ratio that measures the overall financial health and viability of an organization. A Z Value above 3.00 is one that is “financially strong and viable,” Swenson said. The Z Value for 2017 was 4.2; 2016 was 5.27 and that number was 5.68 in 2015.
The full audit report is available at the hospital’s business office.