Fletcher Allen reported a net operating income of approximately $831,000 for the first quarter of the 2011 Fiscal year. The first quarter covers the period beginning October 1st and ending December 31, 2010. The organization also finished its 2010 fiscal year approximately $2.6 million below budget. The fiscal year runs from
October 1 through September 30.
First Quarter Results
The net operating income for the first quarter was approximately $2.1 million above the budgeted $1.3 million loss, and $735,000 above the first quarter of FY 2010.
Total operating revenues for the first quarter were $216.6 million, approximately $6.5 million below budget. The organization’s operating expenses for the quarter were $215.8 million, $8.6 million below budget, resulting in the net operating gain of $831,000 and a slightly positive operating margin for the first quarter. The organization also had a slightly positive operating margin in the first quarter of FY 2010.
Operating earnings before interest, depreciation and amortization (EBIDA) for the period totaled $16.7 million compared to the $15.6 million budgeted figure and $16 million for the first quarter of FY 2010. EBIDA provides a good measure of the organization’s actual earnings.
Days cash on hand was measured at 118 days for the quarter compared to 107 days last year. This indicator is a projected estimate of the number of days an organization could meet operating expenditures provided no additional revenues were received.
FY 2010 Results
Fletcher Allen reported a net operating income of $17.9 million for the 2010 fiscal year. This included an operating income of approximately $683,000 for the fourth quarter beginning July 1 and ending September 30. The yearly operating income figure was approximately $2.6 million below budget.
Results on the Web Site
The institution began making its quarterly financials public with the release of the first quarter results for FY 2003 in February 2003. The audited financial statements as well as the quarterly results for FY 2003 through the first quarter of FY 2011 will be available on the Fletcher Allen Web site at www.fletcherallen.org.
A High-Performance Organization
Fletcher Allen compares well with peer groups outside the state in terms of quality and efficiency. In one group of 107 academic medical centers and 233 of their affiliated hospitals, known as the University Healthsystem Consortium (UHC), Fletcher Allen performs above the UHC median on an array of quality measures such as readmissions, heart attack, heart failure and pneumonia care, as well as cost measures such as cost per inpatient discharge and observed to expected costs of care.
Regionally, Vermont’s Act 49 report issued last year with data from Vermont, New Hampshire and Maine showed that Fletcher Allen’s hospital service area had the lowest rate of Emergency Department visits and the lowest rate of potentially-avoidable ED use. Fletcher Allen’s service area also had the lowest per-member per-month expenses for insured patients in the three-state region.
About Fletcher Allen
Fletcher Allen Health Care, together with our partners at the University of Vermont College of Medicine and the College of Nursing and Health Sciences, is Vermont’s academic medical center. Our mission is to improve the health of the people in the communities we serve by integrating patient care, education and research in a caring environment. Fletcher Allen serves as a regional referral center -- providing advanced care to approximately one million people in Vermont and northern New York -- and as a community hospital for approximately 150,000 residents in Chittenden and Grand Isle counties.
The institution began making its quarterly financials public with the release of the first quarter results for FY 2003 in February 2003. The audited financial statements as well as unaudited quarterly results for FY 2003 through the third quarter of FY 2010 are available on the Fletcher Allen Web site at www.fletcherallen.org.
For more information about Fletcher Allen, find us online at http://www.fletcherallen.org or on our Facebook, Twitter, YouTube, and blog sites at www.fletcherallen.org/socialmedia.
Source: BURLINGTON VT - Fletcher Allen. 3.9.2011