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
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Audit shows hospital revenue and assets increasing
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