Mercy Health Corporation (WI)

Transcription

1 Mercy Health Corporation (WI) 1 Illinois Finance Authority, Revenue Bonds (Mercy Health Corporation), Series, $475,020,000, Dated: May 18, 2 Wisconsin Health and Educational Facilities Authority, Revenue Bonds (Mercy Alliance, Inc.), Series 2012, $169,475,000, Dated: May 24, Wisconsin Health and Educational Facilities Authority, Revenue Bonds (Mercy Alliance, Inc.), Series 2010A, $48,445,000, Dated: June 9, 2010 Series Facilities and Operations Fiscal Year ended June 30, Service MHTC Beds RMH Beds MWH Beds MHH Beds Medical-Surgical-Orthopedics ICU/SCU Obstetrics Pediatrics 20 NICU 46 Rehabilitation 6 0 Psychiatry 8 14 Sub-acute/SNF 27 0 Total Staffed Beds Page 1 of 15

2 Series Medical Staff Fiscal year Ended June 30 Specialty Total Number Board Certified Average Age Employed Primary Care: Family Medicine (incl. FM/OB, FM/Sports Med) Internal Medicine Occupational Medicine Pediatrics Urgent Care Convenient Care SUBTOTAL- Primary Care Specialty Care: Allergy & Immunology Cardiology Cardiology Electrophysiology Cardiology Interventional Clinical Genetics Dentistry Dermatology Endocrinology, Diabetes & Metabolism Gastroenterology Gynecology Oncology Infectious Diseases Maternal-Fetal Medicine Nephrology Neurology Obstetrics & Gynecology Oncology Ophthalmology Ophthalmology / Head & Neck Ophthalmology / Retina Specialist Otolaryngology Pain Management Pediatric Cardiology Pediatric Endocrinology Pediatric Gastroenterology Pediatric Neurology Pediatric Ophthalmology Pediatric Pulmonology Pediatric Surgery Physiatry (PM & R) Podiatry Surgery Medical Psychiatry Pulmonology Radiation Oncology Radiology Vascular Interventional Rheumatology Surgery General Surgery Cardiothoracic / Vascular Surgery Oral Maxillofacial Surgery Orthopedic Surgery Plastic / Reconstructive Surgery Neurosurgery / Spine Urology Uro Gynecology SUBTOTAL - Specialty Care Page 2 of 15

3 Series Medical Staff Fiscal year Ended June 30 Specialty Total Number Board Certified Average Age Employed Hospital-Based: Anesthesiology Critical Care Emergency Medicine Hospice and Palliative Care Hospitalist Internal Medicine Hospitalist Pediatrics Neonatal Medicine Pathology Pediatric Intensivist Radiology Surgery, Trauma SUBTOTAL - Hospital Based TOTAL Page 3 of 15

4 Series Utilization of Patient Services Fiscal Year ended June 30 Total Discharges MHTC 7,583 MWH 1,171 MHH 433 RMH 13,020 Total 22,207 Newborn Discharges MHTC 827 MWH 164 RMH 1,269 Total 2,260 Observation Discharges MHTC 2,316 MWH 658 MHH 331 RMH 4,486 Total 7,791 Patient Days (Excluding Newborn,NICU, Maternal & Psych) MHTC 29,351 MWH 3,708 MHH 1,246 RMH 45,596 Total 79,901 Average Length of Stay MHTC, MWH & MHH 3.73 RMH 4.00 Emergency Department MHTC 35,548 MWH 12,893 MHH 5,776 RMH 52,064 Total 106,281 Inpatient Surgeries MHTC 2,413 MWH 615 MHH 239 RMH 3,142 Total 6,409 Page 4 of 15

5 Series Utilization of Patient Services Fiscal Year ended June 30 Outpatient Surgeries MHTC 5,632 MWH 2,986 MHH 2,210 RMH 6,759 Total 17,587 Outpatient Visits MHTC 183,417 MHH 7,916 RMH 259,866 Total 451,199 Physician Encounter Visits MHTC, MWH, MHH 727,313 RMH 395,516 Total 1,122,829 Home Health Visits MAC 15,918 VNA 21,781 Total 37,699 Page 5 of 15

6 Series Sources of Patient Revenues MHTC and MWH Sources of Net Patient Revenue after Bad Debt Medicare 24.2% Medicaid 7.6% MercyCare 9.7% Commercial/Other 55.5% Self Pay 3.0% Total 100.0% RMH Sources of Net Patient Revenue after Bad Debt Medicare 27.3% Medicaid 26.7% Commercial 3.6% Managed Care/Blue Cross 41.4% Self Pay 1.0% Total 100.0% Page 6 of 15

7 FINANCIAL INFORMATION Series The last two sentences in the first paragraph under the heading "FINANCIAL INFORMATION Fiscal Year Ended June 30, The net assets of the Obligated Group constitute approximately 92.1% of Mercyhealth's consolidated net assets. The net patient service revenues of the Obligated Group constitute approximately 95.5% of Mercyhealth's consolidated net patient service revenues for the fiscal year ended June 30,. Page 7 of 15

8 Series Summarized Consolidated Balance Sheets Fiscal Year Ended June 30 ASSETS Current Assets Cash, cash equivalents & short-term investments 112,392 Patient accounts receivable - net 157,695 Supplies 22,962 Prepaid expenses 7,835 Current portion of assets limited to use 8,000 Other receivables 10,055 Due from related party 6,102 Total current assets 325,041 Total assets limited as to use 918,918 Property & equipment - net 429,988 Other assets 49,591 Total Assets 1,723,538 LIABILITIES Current Liabilities Current maturities of long-term debt 7,155 Accounts payable 24,974 Due to third-party payors 17,285 Accrued salaries, wages, and payroll taxes 61,849 Other accrued expenses 30,032 Total current liabilities 141,295 Long-term debt, less current maturities 722,580 Accrued liabilities under self-ins program 80,053 Deferred compensation 15,428 Pension liability 62,674 Accrued post retirement medical benefits 6,430 Other 2,026 Total long-term liabilities 889,191 Total Liabilities 1,030,486 Net Assets Unrestricted 683,124 Temporarily restricted 7,303 Permanently restricted 2,625 Total net assets 693,052 Total Liabilities & Net Assets 1,723,538 Page 8 of 15

9 Series Summarized Consolidated Statements of Operations and Changes in Net Assets Fiscal Year Ended June 30 ( In Thousands) Revenue: Net Patient Service Revenue(net of contractual allowances and discounts) 985,864 Provision for Bad Debts (40,385) Net Patient Service Revenue 945,479 Other Operating Revenue 23,442 Total operating revenue 968,921 Operating Expenses Salaries and wages 477,630 Employee benefits 74,633 Professional fees and purchased services 95,871 Medical supplies, other supplies, and drugs 158,940 Insurance 14,471 Provider tax assessment 20,301 Interest Expense 11,217 Depreciation & Amortization 49,154 Other Operating Expenses 15,992 Total Operating Expenses 918,209 Total Income (Loss) From Operations 50,712 Non-Operating Gains (Losses) (5,357) Excess of Revenues Over Expenses 45,355 Other Changes in Unrestricted Net Assets 64,454 Change in Net Assets 109,809 Page 9 of 15

10 KEY FINANCIAL RATIOS Series Debt Service Coverage As of and for the Fiscal Year Ended June 30, Excess of Revenue Over Expenses 45,355 Plus: Depreciation and Amortization 49,154 Plus: Interest 11,217 Income Available for Debt Service 105,726 Historical Maximum Annual Debt Service 42,795 Historical Debt Service Coverage Ratio 2.47 Series Debt to Capitalization As of June, 30, Long-Term Debt 729,735 Unrestricted Net Assets 683,124 Total Capitalization 1,412,859 Long-Term Debt as Percent of Capitalization 51.6% Series Days Cash On Hands As of and for the Fiscal Year Ended June 30, Cash & Cash Equivalents and Short-Term Investments 112,392 Assets Limited as to Use 927,918 Total Cash and Unrestricted Investments 1,042,326 Total Operating Expenses 918,209 Less: Depreciation& Amortization 49, ,055 Days Cash on Hand Page 10 of 15

11 Series Until the Project is placed in service, an annual summary statement of the status of construction of the Project, including construction budget and timing updates Fiscal Year Ended June 30, The temporary facilities for the onsite management of the project have been established along with required utilities. Excavation of the site is nearing completion as well as establishing major utilities. Footings and Foundation are approximately 50% complete. Of the approximately $475 million project budget, $9,153,050 has been utilized primarily on engineering and professional fees. All of which has been paid for utilizing bond project fund proceeds. The projected completion date remains June Page 11 of 15

12 Series 2012,2010 Mercy Janesville - Primary Service Area Market Share Fiscal Year ended June 30, Inpatient Market Share Qtr 3, Qtr 2, Qtr 3, Qtr 2, Licensed Distance from Janesville Zip Codes Rock County Facility Beds Janesville Avg Census Mercy Janesville miles 48.1% 34.7% 84.9 St. Mary's Janesville Hospital 50 5 miles 23.1% 15.3% 26.3 Beloit Memorial miles 4.1% 20.7% 49.3 Edgerton Hospital miles 0.1% 0.7% 1.5 Fort Atkinson Memorial miles 0.6% 0.9% 17.8 Stoughton Hospital miles 0.3% 0.7% 10.8 Madison Hospitals (3) miles 18.8% 21.3% All Other 4.9% 5.7% Hospital Outpatient Surgery Market Share Qtr 3, Qtr 2, Qtr 3, Qtr 2, Distance from Janesville Zip Codes Rock County Facility Janesville Mercy Janesville 0 miles 51.6% 36.3% St. Mary's Janesville Hospital 5 miles 18.4% 12.1% Beloit Memorial 10 miles 3.9% 18.4% Edgerton Hospital 10 miles 0.4% 0.6% Fort Atkinson Memorial 20 miles 0.5% 1.2% Stoughton Hospital 25 miles 0.5% 1.2% Madison Surgical Centers (9)* 40 miles 21.7% 26.1% All Other 3.1% 4.1% * Includes UW Hospital, Meriter Hospital, St. Mary s Hospital, Surgery and Care Center (Dean/St. Mary s), Madison Surgery Center (UW/UnityPoint-Meriter), Davis Duehr Dean Surgery Center (eye), Surgicenter of Greater Madison (pain), UW Health Transformation Surgery Center (UW/UnityPoint; plastic), and Novamed Surgery Center (eye). Page 12 of 15

13 Series 2012,2010 UTILIZATION STATISTICS Fiscal Year ended June 30 MHS, MHH Beds (Adults & Pediatrics): Licensed 283 Staffed 138 Occupancy Rate (Adult/Pediatric; Staffed Beds) 67.92% Observation Days 3,305 Hospital Outpatient Visits (Not Including OPS or Observation) 165,367 Discharges: Adult & Pediatrics 9,187 Newborns 991 Patient Days 34,305 Clinic Visits 727,313 Urgent Care Visits 74,041 Emergency Visits (Total) 54,217 Inpatient Surgeries 3,267 Outpatient Surgeries 10,828 Page 13 of 15

14 FINANCIAL INFORMATION Series 2012,2010 The last two sentences in the first paragraph under the heading "FINANCIAL INFORMATION Fiscal Year Ended June 30, The net assets of the Obligated Group constitute approximately 92.1% of Mercyhealth's consolidated net assets. The net patient service revenues of the Obligated Group constitute approximately 95.5% of Mercyhealth's consolidated net patient service revenues for the fiscal year ended June 30,. Page 14 of 15

15 Series 2012,2010 Sources of Patient Revenue Fiscal Year Ended June 30 Hospital Payor Sources (excludes Mercy Harvard) Medicare Medicaid Mercy HMO 9.58 Other 3rd Party Self Pay 2.01 Total Physician Clinic Payor Sources (excludes Mercy Harvard) Medicare Medicaid Mercy HMO Other 3rd Party Self Pay 2.54 Total Page 15 of 15