Metropolitan Memorial Hospital Balance Sheet In Thousands

metropolitan Memorial Hospital balance Sheet in Thousands 2018

Metropolitan Memorial Hospital's financial statements for the year 2018 include a balance sheet, an income statement, and a statement of cash flows. These financial documents provide a comprehensive overview of the hospital's financial position, operational performance, and cash management during that year.

The balance sheet indicates that the hospital's total assets increased from $7,350,000 in 2017 to $8,172,000 in 2018. Current assets, which include cash, receivables, and inventory, along with long-term investments and plant and equipment, reflect the hospital's resource availability. Specifically, cash holdings decreased from $280,000 in 2017 to $124,000 in 2018. Receivables, net of allowances, increased slightly from $1,340,000 to $1,536,000, indicating higher billings or collections in progress. Plant and equipment net of accumulated depreciation grew from $5,920,000 to an equivalent of $6,580,000 gross with depreciation adjustments. These assets underpin the hospital's capacity to serve patients and maintain its infrastructure.

Liabilities also evolved, with total liabilities rising from $3,050,000 to $3,400,000. The hospital's current liabilities decreased slightly from $370,000 to $302,000, while long-term liabilities increased, notably through issuance of bonds payable, reflecting financing activities undertaken for expansion or capital expenditure projects. The net assets or equity position shows restricted and unrestricted funds, with unrestricted net assets increasing by $285,000, aligning with the excess revenue over expenses reported in the income statement.

The income statement shows gross patient service revenue of $9,490,000 in 2018, up from $8,870,000 in 2017. Net patient services revenues after deductions reached approximately $8,090,000. The hospital's total operating revenues, including other sources, totaled $9,609,000. Operating expenses amounted to approximately $9,582,000, with salaries and wages constituting the largest expense category at $5,497,000. Other expenses included supplies, utilities, insurance, depreciation, interest, bad debts, and miscellaneous operating costs. Despite a substantial expense load, the hospital yielded an operating income of $285,000 in 2018, compared to $181,000 in 2017, indicating improved operational efficiency or increased revenues.

The statement of cash flows further reveals how cash was managed through the year. Operating activities generated a net cash inflow of $531,000, mainly driven by receipts from patients and third-party payers, offset by payments to employees and suppliers. Investing activities resulted in a net outflow of $1,287,000, primarily due to purchases of plant assets ($940,000) and investments ($450,000), which suggests ongoing capital investments to upgrade facilities or expand services. Conversely, proceeds from asset sales partially offset these costs. Financing activities generated a net inflow of $600,000, notably from bond issuances totaling $3 million, offset by principal repayments on long-term debt totaling $400,000 and bond redemptions of $2 million, reflecting strategic debt management and capital-raising efforts.

In summary, Metropolitan Memorial Hospital demonstrated a financially stable position in 2018, with growth in assets, effective management of operating costs, and strategic financing activities supporting its infrastructure and service expansion. These financial results are reflective of the hospital's commitment to improving patient care while maintaining fiscal discipline, which is essential for sustainability in the complex healthcare environment.

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