Jackson Health trust operated at a profit
For the fourth year in a row, Jackson Health Trust operated at a profit for fiscal 2014-2015, ending with a working capital surplus of about $81.9 million and 53 days cash on hand, according to an audit completed by independent auditors KPMG.
Mark Knight, chief financial officer for Miami-Dade’s public hospital network, said the audit shows Jackson Health Trust in an overall strong financial position, with a total of $64 million in hospital operations on the bottom line.
As of Sept. 30, 2015, total assets increased by about $87.9 million, the audit states. This increase is primarily due to an increase in capital assets of $72.6 million, as a result of increased capital expenditures funded by the Miracle Building General Obligation Bond program, which included the land purchased for the construction of Jackson West. Current assets increased by $16.2 million, the audit states, mainly related to an increase in inventories of $3.4 million and an increase in prepaid expenses of $3 million.
Additionally, unrestricted cash increased $53.9 million, offset by estimated third-party receivables, which decreased $50.4 million. The 53 days’ unrestricted cash on hand Sept. 30, 2015, is compared with 41 days Sept. 30, 2014. Days net in accounts receivable at Sept. 30, 2015, and Sept. 30, 2014, were 40 and 42, respectively.
The audit reported total liabilities increased about $95.6 million; current liabilities decreased about $45.6 million, primarily because of a decrease of $33.9 million in estimated payables due to third-party payers.
The decrease in third-party payers liability was primarily due to a decrease in the last quarter in low-income pool payables, the audit reports. Long-term debt fell about $13.3 million, because of the refinancing of the 2005 and 2015A bond issues.
Net patient revenue was about $931 million, up $80.9 million or 10% from the prior fiscal year, the audit reports. The trust’s adjusted admissions for the current fiscal year were at 79,644 – 9.8% more adjusted admissions than the prior year.