FIN 343 Lecture 4: FIN 343Notes 2:19
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What are the coverage ratios for the following data (using formula below)? Please show how you came up with solution. Thank you Times interest earned = EBIT / Interest expense = ?? Times burden covered = EBIT / Interest + Principal repayment / 1 - tax rate = ??
MICROSOFT CORP BALANCE SHEET | ||
2014 | 2015 | |
Assets | ||
Cash | ||
Cash and cash equivalents | $8,669 | $5,595 |
Short-term investments | $77,040 | $90,931 |
Total cash | $85,709 | $96,526 |
Receivables | $19,544 | $17,908 |
Inventories | $2,660 | $2,902 |
Deferred income taxes | $1,941 | $1,915 |
Other current assets | $4,392 | $5,461 |
Total current assets | $114,246 | $124,712 |
Non-current assets | ||
Gross property, plant and equipment | $27,804 | $32,337 |
Accumulated Depreciation | -$14,793 | -$17,606 |
Net property, plant and equipment | $13,011 | $14,731 |
Equity and other investments | $14,597 | $12,053 |
Goodwill | $20,127 | $16,939 |
Intangible assets | $6,981 | $4,835 |
Other long-term assets | $3,422 | $2,953 |
Total non-current assets | $58,138 | $51,511 |
Total assets | $172,384 | $176,223 |
Liabilities and stockholders' equity | ||
Liabilities | ||
Current liabilities | ||
Short-term debt | $2,000 | $7,484 |
Accounts payable | $7,432 | $6,591 |
Taxes payable | $782 | $606 |
Accrued liabilities | $4,797 | $5,096 |
Deferred revenues | $23,150 | $23,223 |
Other current liabilities | $7,464 | $6,858 |
Total current liabilities | $45,625 | $49,858 |
Non-current liabilities | ||
Long-term debt | $20,645 | $27,808 |
Deferred taxes liabilities | $2,728 | $2,835 |
Deferred revenues | $2,008 | $2,095 |
Other long-term liabilities | $11,594 | $13,544 |
Total non-current liabilities | $36,975 | $46,282 |
Total liabilities | $82,600 | $96,140 |
Stockholders' equity | ||
Common stock | $68,366 | $68,465 |
Retained earnings | $17,710 | $9,096 |
Accumulated other comprehensive income | $3,708 | $2,522 |
Total stockholders' equity | $89,784 | $80,083 |
Total liabilities and stockholders' equity | $172,384 | $176,223 |
MICROSOFT CORP INCOME STATEMENT | ||
(USD in millions except per share data) | 2014 | 2015 |
Revenue | $86,833 | $93,580 |
Cost of revenue | $26,934 | $33,038 |
Gross profit | $59,899 | $60,542 |
Operating expenses | ||
Research and development | $11,381 | $12,046 |
Sales, General and administrative | $20,632 | $20,324 |
Restructuring, merger and acquisition | $127 | $0 |
Other operating expenses | $0 | $10,011 |
Total operating expenses | $32,140 | $42,381 |
Operating income | $27,759 | $18,161 |
Interest Expense | $597 | $781 |
Other income (expense) | $658 | $1,127 |
Income before taxes | $27,820 | $18,507 |
Provision for income taxes | $5,746 | $6,314 |
Net income from continuing operations | $22,074 | $12,193 |
Net income | $22,074 | $12,193 |
Net income available to common shareholders | $22,074 | $12,193 |
Earnings per share | ||
Basic | $2.66 | $1.49 |
Diluted | $2.63 | $1.48 |
Weighted average shares outstanding | ||
Basic | $8,299 | $8,177 |
Diluted | $8,399 | $8,254 |
EBITDA | $33,629 | $25,245 |
MICROSOFT CORP CASH FLOW STATEMENT | ||
(USD in millions except per share data) | 2014 | 2015 |
Cash Flows From Operating Activities | ||
Net income | $22,074 | $12,193 |
Depreciation & amortization | $5,212 | $5,957 |
Investment/asset impairment charges | $0 | $7,498 |
Investments losses (gains) | -$109 | -$443 |
Deferred income taxes | -$331 | $224 |
Stock based compensation | $2,446 | $2,574 |
Accounts receivable | -$1,120 | $1,456 |
Inventory | -$161 | -$272 |
Accounts payable | $473 | -$1,054 |
Other working capital | $1,432 | $1,383 |
Other non-cash items | $2,315 | -$436 |
Net cash provided by operating activities | $32,231 | $29,080 |
Cash Flows From Investing Activities | ||
Investments in property, plant, and equipment | -$5,485 | -$5,944 |
Acquisitions, net | -$5,937 | -$3,723 |
Purchases of investments | -$72,690 | -$98,729 |
Sales/Maturities of investments | $65,366 | $85,861 |
Other investing activities | -$87 | -$466 |
Net cash used for investing activities | -$18,833 | -$23,001 |
Cash Flows From Financing Activities | ||
Debt issued | $10,350 | $10,680 |
Debt repayment | -$3,888 | -$1,500 |
Common stock issued | $607 | $634 |
Common stock repurchased | -$7,316 | -$14,443 |
Excess tax benefit from stock based compensation | $271 | $588 |
Dividend paid | -$8,879 | -$9,882 |
Other financing activities | $461 | $4,843 |
Net cash provided by (used for) financing activities | -$8,394 | -$9,080 |
Effect of exchange rate changes | -$139 | -$73 |
Net change in cash | $4,865 | -$3,074 |
Cash at beginning of period | $3,804 | $8,669 |
Cash at end of period | $8,669 | $5,595 |
Free Cash Flow | ||
Operating cash flow | $32,231 | $29,080 |
Capital expenditure | -$5,485 | -$5,944 |
Free cash flow | $26,746 | $23,136 |
Please analyze the future of IBM with a company that does not have solid financials, such as Tesla. Qualitative measures will be required. What are tthe likelihoods of success and how could that be determined (for Tesla) if current numbers do not provide promise. Tesla is breaking into an emerging market of hybrid vehicle technology, and though the technology has not fully evovled, will it? How do Telsa's finaincial compare to IBM as they compare to success or failre?
Thank you
TESLA INC (TSLA) CashFlowFlag INCOME STATEMENT | ||
Fiscal year ends in December. USD in millions except per share data. | 2015-12 | 2016-12 |
Revenue | 4046 | 7000 |
Cost of revenue | 3123 | 5401 |
Gross profit | 924 | 1599 |
Operating expenses | ||
Research and development | 718 | 834 |
Sales, General and administrative | 922 | 1432 |
Total operating expenses | 1640 | 2267 |
Operating income | -717 | -667 |
Interest Expense | 119 | 199 |
Other income (expense) | -40 | 120 |
Income before taxes | -876 | -746 |
Provision for income taxes | 13 | 27 |
Net income from continuing operations | -889 | -773 |
Other | 98 | |
Net income | -889 | -675 |
Net income available to common shareholders | -889 | -675 |
Earnings per share | ||
Basic | -6.93 | -4.68 |
Diluted | -6.93 | -4.68 |
Weighted average shares outstanding | ||
Basic | 128 | 144 |
Diluted | 128 | 144 |
EBITDA | -334 | 400 |
TESLA INC (TSLA) Statement of CASH FLOW | ||
Fiscal year ends in December. USD in millions except per share data. | 2015-12 | 2016-12 |
Cash Flows From Operating Activities | ||
Net income | -889 | -773 |
Depreciation & amortization | 423 | 947 |
Amortization of debt discount/premium and issuance costs | 72 | 87 |
Stock based compensation | 198 | 334 |
Accounts receivable | 46 | -217 |
Inventory | -1574 | -2466 |
Prepaid expenses | -30 | 57 |
Accounts payable | ||
Accrued liabilities | ||
Other working capital | 1064 | 1932 |
Other non-cash items | 165 | -26 |
Net cash provided by operating activities | -524 | -124 |
Cash Flows From Investing Activities | ||
Investments in property, plant, and equipment | -1635 | -1440 |
Acquisitions, net | -12 | 214 |
Purchases of investments | ||
Sales/Maturities of investments | 17 | |
Other investing activities | -26 | -206 |
Net cash used for investing activities | -1674 | -1416 |
Cash Flows From Financing Activities | ||
Debt issued | 319 | 2853 |
Debt repayment | -204 | -1904 |
Warrant issued | ||
Common stock issued | 750 | 1702 |
Other financing activities | 658 | 1094 |
Net cash provided by (used for) financing activities | 1524 | 3744 |
Effect of exchange rate changes | -34 | -7 |
Net change in cash | -709 | 2196 |
Cash at beginning of period | 1906 | 1197 |
Cash at end of period | 1197 | 3393 |
Free Cash Flow | ||
Operating cash flow | -524 | -124 |
Capital expenditure | -1635 | -1440 |
Free cash flow | -2159 | -1564 |
TESLA INC (TSLA) CashFlowFlag BALANCE SHEET | ||
Fiscal year ends in December. USD in millions except per share data. | 2015-12 | 2016-12 |
Assets | ||
Current assets | ||
Cash | ||
Cash and cash equivalents | 1197 | 3393 |
Total cash | 1197 | 3393 |
Receivables | 169 | 499 |
Inventories | 1278 | 2067 |
Prepaid expenses | 125 | 194 |
Other current assets | 23 | 106 |
Total current assets | 2792 | 6260 |
Non-current assets | ||
Property, plant and equipment | ||
Gross property, plant and equipment | 5766 | 12920 |
Accumulated Depreciation | -571 | -1018 |
Net property, plant and equipment | 5195 | 15037 |
Intangible assets | 376 | |
Other long-term assets | 106 | 991 |
Total non-current assets | 5301 | 16404 |
Total assets | 8092 | 22664 |
Liabilities and stockholders' equity | ||
Liabilities | ||
Current liabilities | ||
Short-term debt | 1150 | |
Capital leases | 633 | |
Accounts payable | 916 | 1860 |
Taxes payable | 101 | 153 |
Accrued liabilities | 322 | 1005 |
Deferred revenues | 707 | 1427 |
Other current liabilities | 137 | 232 |
Total current liabilities | 2816 | 5827 |
Non-current liabilities | ||
Long-term debt | 2082 | 118 |
Capital leases | ||
Deferred taxes liabilities | ||
Accrued liabilities | 150 | |
Deferred revenues | 446 | 852 |
Minority interest | 785 | |
Other long-term liabilities | 1659 | 10179 |
Total non-current liabilities | 4187 | 12084 |
Total liabilities | 7004 | 17911 |
Stockholders' equity | ||
Common stock | 0 | 0 |
Additional paid-in capital | 3415 | 7774 |
Retained earnings | -2322 | -2997 |
Accumulated other comprehensive income | -4 | -24 |
Total stockholders' equity | 1089 | 4753 |
Total liabilities and stockholders' equity | 8092 | 22664 |
INTERNATIONAL BUSINESS MACHINES CORP (IBM) CashFlowFlag INCOME STATEMENT | ||
Fiscal year ends in December. USD in millions except per share data. | 2015-12 | 2016-12 |
Revenue | 81741 | 79919 |
Cost of revenue | 41057 | 41625 |
Gross profit | 40684 | 38294 |
Operating expenses | ||
Research and development | 4565 | 4120 |
Sales, General and administrative | 19894 | 20479 |
Other operating expenses | 535 | 590 |
Total operating expenses | 24994 | 25189 |
Operating income | 15690 | 13105 |
Interest Expense | 468 | 630 |
Other income (expense) | 723 | -145 |
Income before taxes | 15945 | 12330 |
Provision for income taxes | 2581 | 449 |
Net income from continuing operations | 13364 | 11881 |
Net income from discontinuing ops | -174 | -9 |
Net income | 13190 | 11872 |
Net income available to common shareholders | 13190 | 11872 |
Earnings per share | ||
Basic | 13.48 | 12.43 |
Diluted | 13.42 | 12.38 |
Weighted average shares outstanding | ||
Basic | 979 | 955 |
Diluted | 983 | 959 |
EBITDA | 20268 | 17341 |
INTERNATIONAL BUSINESS MACHINES CORP (IBM) Statement of CASH FLOW | ||
Fiscal year ends in December. USD in millions except per share data. | 2015-12 | 2016-12 |
Cash Flows From Operating Activities | ||
Net income | 13190 | 11872 |
Depreciation & amortization | 3855 | 4381 |
Deferred income taxes | 1387 | -1132 |
Stock based compensation | 468 | 544 |
Inventory | 133 | -14 |
Accounts payable | 81 | 197 |
Accrued liabilities | ||
Other working capital | -2658 | 1048 |
Other non-cash items | 552 | 62 |
Net cash provided by operating activities | 17008 | 16958 |
Cash Flows From Investing Activities | ||
Investments in property, plant, and equipment | -3579 | -3567 |
Property, plant, and equipment reductions | 370 | 424 |
Acquisitions, net | -3750 | -6133 |
Purchases of investments | -3073 | -5917 |
Sales/Maturities of investments | 2842 | 5692 |
Purchases of intangibles | -572 | -583 |
Other investing activities | -397 | -892 |
Net cash used for investing activities | -8159 | -10976 |
Cash Flows From Financing Activities | ||
Debt issued | 5540 | 9132 |
Debt repayment | -5622 | -6395 |
Common stock issued | 322 | 204 |
Common stock repurchased | -4609 | -3502 |
Dividend paid | -4897 | -5256 |
Other financing activities | 100 | 26 |
Net cash provided by (used for) financing activities | -9166 | -5791 |
Effect of exchange rate changes | ||
Net change in cash | -317 | 191 |
Cash at beginning of period | 8476 | 7686 |
Cash at end of period | 8159 | 7877 |
Free Cash Flow | ||
Operating cash flow | 17008 | 16958 |
Capital expenditure | -4151 | -4150 |
Free cash flow | 12857 | 12808 |
INTERNATIONAL BUSINESS MACHINES CORP (IBM) CashFlowFlag BALANCE SHEET | ||
Fiscal year ends in December. USD in millions except per share data. | 2015-12 | 2016-12 |
Assets | ||
Current assets | ||
Cash | ||
Cash and cash equivalents | 7686 | 7826 |
Short-term investments | 508 | 701 |
Total cash | 8194 | 8527 |
Receivables | 1201 | 1057 |
Inventories | 1551 | 1553 |
Deferred income taxes | ||
Prepaid expenses | 4205 | 4564 |
Other current assets | 27353 | 28187 |
Total current assets | 42504 | 43888 |
Non-current assets | ||
Property, plant and equipment | ||
Gross property, plant and equipment | 29341 | 60267 |
Accumulated Depreciation | -18616 | -38606 |
Net property, plant and equipment | 10725 | 21661 |
Equity and other investments | 5187 | 4585 |
Goodwill | 32021 | 36199 |
Intangible assets | 3486 | 4689 |
Deferred income taxes | 4822 | 5224 |
Prepaid pension benefit | ||
Other long-term assets | 11747 | 12055 |
Total non-current assets | 67988 | 84413 |
Total assets | 110492 | 128301 |
Liabilities and stockholders' equity | ||
Liabilities | ||
Current liabilities | ||
Short-term debt | 6461 | 7513 |
Accounts payable | 6028 | 6209 |
Taxes payable | 2847 | 3235 |
Accrued liabilities | 7913 | 8282 |
Deferred revenues | 11021 | 11035 |
Other current liabilities | -1 | 1 |
Total current liabilities | 34269 | 36275 |
Non-current liabilities | ||
Long-term debt | 33428 | 34655 |
Deferred taxes liabilities | ||
Accrued liabilities | ||
Deferred revenues | 3771 | 3600 |
Pensions and other benefits | 16504 | 17070 |
Minority interest | 162 | 146 |
Other long-term liabilities | 8099 | 7478 |
Total non-current liabilities | 61964 | 62949 |
Total liabilities | 96233 | 99224 |
Stockholders' equity | ||
Common stock | 53262 | 53935 |
Retained earnings | 146124 | 152759 |
Treasury stock | -155518 | -159050 |
Accumulated other comprehensive income | -29606 | -29398 |
Total stockholders' equity | 14262 | 18246 |
Total liabilities and stockholders' equity | 110495 | 117470 |
Financial Analysis Case Study
Complete Case 1, River Community Hospital (A):
Review Case 1, pages 3--12, You will find a case spreadsheet model via the Student Spreadsheets.
Write a case review that assesses hospital financial performance. Your review should be approximately three pages.
CASE 1 | Student Version | Copyright 2014 Health Administration Press | |||||||
11/28/2015 | |||||||||
RIVER COMMUNITY HOSPITAL (A) | |||||||||
Assessing Hospital Performance | |||||||||
Case 1 presents the opportunity to conduct an extensive financial statement and operating | |||||||||
indicator analysis on a 210-bed not-for-profit hospital. The case includes statement of cash | |||||||||
flows analyses, Du Pont analyses, ratio analyses, and economic value added analyses. | |||||||||
The instructor version of the model is the same as this model. The key to student success in | |||||||||
this case lies in interpretation of the data presented rather than number crunching. | |||||||||
However, there is ample opportunity for students to extend the model to include percentage | |||||||||
change analysis and common size analysis, as well as to create graphs (charts) as needed | |||||||||
to present their findings. | |||||||||
Note that the industry data used in this case are for instructional use only, and do | |||||||||
not represent actual industry data for the time period of the case. | |||||||||
Statements of Operations (Millions of Dollars): | |||||||||
Revenues | 2011 | 2012 | 2013 | ||||||
Net patient service revenue | $ 28.796 | $ 30.576 | $ 34.582 | ||||||
Other revenue | 1.237 | 1.853 | 1.834 | ||||||
Total revenues | $ 30.033 | $ 32.429 | $ 36.416 | ||||||
Expenses | |||||||||
Salaries and wages | $ 12.245 | $ 12.468 | $ 13.994 | ||||||
Fringe benefits | 1.830 | 2.408 | 2.568 | ||||||
Interest expense | 1.181 | 1.598 | 1.776 | ||||||
Depreciation | 2.350 | 2.658 | 2.778 | ||||||
Medical supplies and drugs | 0.622 | 0.655 | 0.776 | ||||||
Professional liability | 0.140 | 0.201 | 0.218 | ||||||
Other | 9.036 | 10.339 | 11.848 | ||||||
Total expenses | $ 27.404 | $ 30.327 | $ 33.958 | ||||||
Net income | $ 2.629 | $ 2.102 | $ 2.458 | ||||||
Balance Sheets (Millions of Dollars): | |||||||||
Assets | 2011 | 2012 | 2013 | ||||||
Cash and investments | $ 4.673 | $ 5.069 | $ 2.795 | ||||||
Accounts receivable (net) | 4.359 | 5.674 | 7.413 | ||||||
Inventories | 0.432 | 0.523 | 0.601 | ||||||
Other current assets | 0.308 | 0.703 | 0.923 | ||||||
Total current assets | $ 9.772 | $ 11.969 | $ 11.732 | ||||||
Gross plant and equipment | $ 47.786 | $ 55.333 | $ 59.552 | ||||||
Accumulated depreciation | 11.820 | 14.338 | 17.009 | ||||||
Net plant and equipment | $ 35.966 | $ 40.995 | $ 42.543 | ||||||
Total assets | $ 45.738 | $ 52.964 | $ 54.275 | ||||||
Liabilities and Net Assets | |||||||||
Accounts payable | $ 0.928 | $ 1.253 | $ 1.760 | ||||||
Accruals | 1.460 | 1.503 | 1.176 | ||||||
Current portion of long-term debt | 0.110 | 1.341 | 1.465 | ||||||
Total current liabilities | $ 2.498 | $ 4.097 | $ 4.401 | ||||||
Long-term debt | $ 15.673 | $ 19.222 | $ 17.795 | ||||||
Net assets | $ 27.567 | $ 29.645 | $ 32.079 | ||||||
Total liabilities and net assets | $ 45.738 | $ 52.964 | $ 54.275 | ||||||
Statements of Cash Flows (Millions of Dollars): | |||||||||
Cash Flows from Operating Activities | 2012 | 2013 | |||||||
Net income | $ 2.102 | $ 2.458 | |||||||
Depreciation | 2.633 | 2.756 | |||||||
Change in accounts receivable | (1.315) | (1.739) | |||||||
Change in inventories | (0.091) | (0.078) | |||||||
Change in other current assets | (0.395) | (0.220) | |||||||
Change in accounts payable | 0.325 | 0.507 | |||||||
Change in accruals | 0.043 | (0.327) | |||||||
Net cash flow from operations | $ 3.302 | $ 3.357 | |||||||
Cash Flows from Investing Activities | |||||||||
Investment in plant and equipment | $ (7.686) | $ (4.328) | |||||||
Cash Flows from Financing Activities | |||||||||
Change in long-term debt | $ 3.549 | $ (1.427) | |||||||
Change in current portion of long-term debt | 1.231 | 0.124 | |||||||
Net cash flow from financing | $ 4.780 | $ (1.303) | |||||||
Net increase (decrease) in cash and investments | $ 0.396 | $ (2.274) | |||||||
Beginning cash and investments | 4.673 | 5.069 | |||||||
Ending cash and investments | $ 5.069 | $ 2.795 | |||||||
Note: The depreciation and fixed asset acquisitions data in the statements of | |||||||||
cash flows are somewhat different than they would be if calculated | |||||||||
directly from the other financial statements because of asset revaluations. | |||||||||
Operating Revenue and Expense Allocation (Millions of Dollars): | |||||||||
2011 | 2012 | 2013 | |||||||
Operating revenue | |||||||||
Gross inpatient service | $ 26.117 | $ 29.148 | $ 33.216 | ||||||
Gross outpatient service | 6.535 | 9.130 | 11.912 | ||||||
Gross patient service revenue | $ 32.652 | $ 38.278 | $ 45.128 | ||||||
Contractual allowances | $ 1.729 | $ 5.196 | $ 7.516 | ||||||
Bad debt and charity care | 2.127 | 2.506 | 3.030 | ||||||
Total revenue deductions | $ 3.856 | $ 7.702 | $ 10.546 | ||||||
Net patient service revenue | $ 28.796 | $ 30.576 | $ 34.582 | ||||||
Operating expenses | |||||||||
Inpatient service | $ 20.573 | $ 22.229 | $ 24.771 | ||||||
Outpatient service | 6.831 | 8.098 | 9.187 | ||||||
Total operating expenses | $ 27.404 | $ 30.327 | $ 33.958 | ||||||
Selected Operating Data: | |||||||||
2011 | 2012 | 2013 | |||||||
Medicare discharges | 2,721 | 2,860 | 2,741 | ||||||
Total discharges | 8,784 | 8,318 | 8,576 | ||||||
Outpatient visits | 32,285 | 32,878 | 36,796 | ||||||
Licensed beds | 210 | 210 | 210 | ||||||
Staffed beds | 193 | 197 | 178 | ||||||
Patient days | 44,085 | 42,434 | 40,062 | ||||||
All-payer Case Mix Index | 1.2869 | 1.2993 | 1.3161 | ||||||
Full-time equivalents | 610.8 | 625.8 | 619.3 | ||||||
Selected Financial Ratios: | |||||||||
2013 Industry Data (200-299 Beds) | |||||||||
2011 | 2012 | 2013 | +Quartile | Median | -Quartile | ||||
Profitability Ratios | |||||||||
Total margin | 8.75% | 6.48% | 6.75% | 5.58% | 3.48% | 0.53% | |||
Return on assets | 5.75% | 3.97% | 4.53% | 5.80% | 3.10% | 0.40% | |||
Return on equity | 9.54% | 7.09% | 7.66% | 15.66% | 6.01% | 0.62% | |||
Deductible ratio | 0.12 | 0.20 | 0.23 | 0.34 | 0.26 | 0.18 | |||
Liquidity Ratios | |||||||||
Current ratio | 3.91 | 2.92 | 2.67 | 2.53 | 1.99 | 1.48 | |||
Days cash on hand | 68.08 | 66.87 | 32.72 | 32.35 | 15.89 | 6.24 | |||
Debt Management Ratios | |||||||||
Debt ratio | 39.73% | 44.03% | 40.90% | 62.90% | 48.40% | 35.20% | |||
Debt to equity | 56.85% | 64.84% | 55.47% | 127.00% | 64.70% | 26.90% | |||
Times interest earned | 3.23 | 2.32 | 2.38 | 4.29 | 2.23 | 1.14 | |||
Cash flow coverage | 5.22 | 3.98 | 3.95 | 5.32 | 3.22 | 1.76 | |||
Asset Management Ratios | |||||||||
Fixed asset turnover | 0.84 | 0.79 | 0.86 | 2.20 | 1.76 | 1.49 | |||
Total asset turnover | 0.66 | 0.61 | 0.67 | 1.04 | 0.89 | 0.75 | |||
Current asset turnover | 3.07 | 2.71 | 3.10 | 3.94 | 3.38 | 2.88 | |||
Days in patient accounts receivable | 55.25 | 67.73 | 78.24 | 87.53 | 75.67 | 63.33 | |||
Average payment period (days) | 36.39 | 54.05 | 51.52 | 71.24 | 56.52 | 45.84 | |||
Other Ratios | |||||||||
Average age of plant (years) | 5.03 | 5.39 | 6.12 | 8.86 | 7.39 | 6.14 | |||
Selected Operating Indicators: | |||||||||
2013 Industry Data (200-299 Beds) | |||||||||
2011 | 2012 | 2013 | +Quartile | Median | -Quartile | ||||
Profit Indicators | |||||||||
Profit per inpatient discharge | $280.03 | $126.72 | $79.61 | $89.04 | ($21.30) | ($120.08) | |||
Profit per outpatient visit | ($33.07) | ($24.49) | ($1.60) | $6.22 | $0.66 | ($7.01) | |||
Net Revenue Indicators | |||||||||
Net revenue per discharge | $2,622 | $2,799 | $2,968 | $4,091 | $3,411 | $2,815 | |||
Net revenue per visit | $179 | $222 | $248 | $201 | $139 | $98 | |||
Medicare revenue percentage | 30.98% | 34.38% | 31.96% | 43.47% | 36.60% | 31.25% | |||
Bad debt / charity care percentage | 6.51% | 6.55% | 6.71% | 7.89% | 4.76% | 2.97% | |||
Contractual allowance percentage | 5.30% | 13.57% | 16.65% | 25.27% | 20.02% | 12.12% | |||
Outpatient revenue percentage | 20.01% | 23.85% | 26.40% | 25.26% | 21.03% | 17.44% | |||
Volume Indicators | |||||||||
Occupancy rate | 62.58% | 59.01% | 61.66% | 67.12% | 58.10% | 47.84% | |||
Average daily census | 120.78 | 116.26 | 109.76 | 173.23 | 144.73 | 114.39 | |||
Length of Stay Indicators | |||||||||
Average length of stay (days) | 5.02 | 5.10 | 4.67 | 6.80 | 6.07 | 5.41 | |||
Adjusted length of stay | 3.90 | 3.93 | 3.55 | 6.48 | 5.36 | 4.52 | |||
Expense Indicators | |||||||||
Expense per discharge | $2,342 | $2,672 | $2,888 | $3,937 | $3,392 | $2,972 | |||
Expense per adjusted discharge | $1,820 | $2,057 | $2,195 | $3,417 | $2,924 | $2,572 | |||
Expense per visit | $212 | $246 | $250 | $202.23 | $141.97 | $111.53 | |||
All-payer Case Mix Index | 1.2869 | 1.2993 | 1.3161 | 1.2795 | 1.1756 | 1.0259 | |||
Efficiency Indicators | |||||||||
FTEs per occupied bed | 4.04 | 4.10 | 4.15 | 4.59 | 4.15 | 3.77 | |||
Labor hours/visit | 7.88 | 9.44 | 9.24 | 8.66 | 5.84 | 4.68 | |||
Unit Cost Indicators | |||||||||
Salary per FTE | $20,047 | $19,923 | $22,596 | $24,447 | $22,517 | $20,347 | |||
Fringe benefits percentage | 14.94% | 19.31% | 18.35% | 19.58% | 17.04% | 15.18% | |||
Liability expense per discharge | $15.94 | $24.16 | $25.42 | $80.94 | $42.05 | $18.31 | |||
Note: | |||||||||
The quartile values are based on the upper and lower numerical values regardless of whether that value is | |||||||||
good or bad. The interpretation is left to the analyst. |