Transcript Staff Writer
Norman Regional Hospital is in good financial shape, NRH Authority board members heard recently.
Grant Thornton LLP of Wichita, Kan., performed the audit that showed $347,589,325 in total assets for fiscal year 2006. That compared to FY 2005 at $263,562,978.
"Overall, it's a clean opinion," said Durrell Kelly of Grant Thornton LLP to NRHA members at their Sept. 25 meeting.
In the audit, it states that it "was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole."
The audit notes NRHA "has not presented management's discussion and analysis as required by accounting principles generally accepted in the United States of America to supplement, although not required to be part of, the basic financial statements."
Total operating revenues were $202,342,619 for FY 2006, compared to $184,312,326 for FY 2005.
Total operating expenses were $185,116,765 for FY 2006, compared to $171,419,846, yielding $17,225,854 in operating income compared to $12,892,480 for FY 2005.
Salaries and benefits were $99,356,626 for FY 2006, compared to $92,970,399 for FY 2005.
Highlights of the audit included:
Cash and cash equivalents and short-term investments increased for FY 2006 to $77,986,211 from FY 2005 numbers of $62,774,469, or an increase of about $15.2 million.
Net assets increased to $153,936,587, compared to FY 2005 at $136,476,204.
Restricted assets, whose use is limited under bond agreement are $72,536,221 for FY 2006, compared to $9,984.931. Revenue bonds were issued during FY 2006 for construction of the $110 million Healthplex campus on the southwest corner of Interstate-35 and Tecumseh Road.
Unrestricted net assets increased to $100,577,801 for FY 2006, from $84,453,765 in FY 2005.
Net patient service revenue was $197,948,122 for FY 2006, compared to $179,829,871.
Charity care was up about $2 million, running $7,066,174 for FY 2006 and $5,086,304 for FY 2005.
The authority provides care without charge or at amounts less than its established rates to patients meeting certain criteria under its charity care policy.
The authority owns 78.8 percent of NRH Medical Park West, LLC as a limited liability company organized in 2005 to lease land to the authority.
The authority carries $163,839,638 for FY 2006 in long-term debt compared to $99,616,247 in FY 2005.
NRHA is operated as a public trust.
It operates Norman Regional Hospital, Urgent Care Center-24th Avenue NW, Urgent Care Center-Healthplex, Family Medicine-Norman, Family Medicine-Moore, Family Medicine-Newcastle and Family Medicine-Blanchard. It also operates a rehabilitation unit, a psychiatric unit and provides ambulance services in its geographic area.
Carol Cole 366-3538 ccole@normantranscript.com
Local news
Audit shows hospital revenue and assets increasing
- Local news
-
-
Veterans, community remember the fallen
Wesley Carroll lives on, but countless numbers of his friends and family have been laid to rest after their service in conflicts dating as far back as the 18th century....
-
Deputies arrest 10
Cleveland County sheriff’s deputies made 10 arrests in a Saturday night and early Sunday morning saturation patrol....
-
Troopers release name in Thunderbird drowning
Oklahoma Highway Patrol troopers have released the deceased’s name in a weekend drowning at Lake Thunderbird....
-
Holiday fun
Sunday wasn’t just another church night at Harvest Church. The church’s pre-Memorial Day fellowship event featured a monster truck show, bike stunts and fireworks, among other things....
-
Volunteers clean up Bishop Creek
Norman’s Bishop Creek is home to a lot more than frogs, turtles and water skimmers, a group of volunteers say....
-
More travelers to hit the road this Memorial Day
NEW YORK — More Americans will hit the road this holiday weekend than a year ago. And they’ll have a bit more money to spend thanks to lower gas prices....
-
OBA names officers
TULSA — Brad Swickey, president and CEO of Valliance Bank in Oklahoma City, was inducted as chairman of the Oklahoma Bankers Association at the OBA’s 115th Leadership Forum and Annual Convention, held May 14 and 15 at the Renaissance Hotel ...
-
Rig count down by 3 to 1,983
HOUSTON — The number of rigs actively exploring for oil and natural gas in the U.S. is down three this week to 1,983....
-
Cornerstone Metals Recycling opens in Norman
Cornerstone Metals Recycling has officially opened a recycling facility in Norman at 2350 Industrial Blvd. The facility will provide easy access drive-through for recyclers in the Norman area including South Oklahoma City, Moore and Pauls ...
-
Agriculture Department spurring exports
International Market Development Coordinator Barbara Charlet is constantly finding new ways to introduce Oklahoma’s agricultural products to foreign markets. With 18 years of experience in the Oklahoma Department of Agriculture, Food and ...
- More Local news Headlines
-
