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January 29, 2013

Hospital financials represent ‘significant improvement’

NORMAN — Operating revenue for Norman Regional Health System tracked slightly below budget projections during December, Chief Financial Officer Ken Hopkins reported at Monday’s board meeting.

Operating income was “only off budget by $293,000,” Hopkins said. “While net revenue was $1.35 million below budget, this was partially offset by total expenses being $1.06 million below budget.”

Those numbers represent a “significant improvement from November results,” he reported.

December inpatient discharges increased by 96 cases — 6.8 percent — from November but were four cases — 0.3 percent — below the December budget. Year-to-date figures are trailing $6.4 million below budget.

In December, operating income was $764,000. Though this was below budget for the month, it represented a significant improvement from November results, Hopkins said.

“The shortfall from the budget was the result of length of stay, payer mix and outpatient volumes being worse than planned,” Hopkins said. “The outpatient surgeries were very strong,” Hopkins said.

Non-operating income was above November figures by almost $300,000 and above budget by more than $646,000.

“Non-operating income has been quite favorable,” he said. “This resulted in overall net income for the month of almost $1.8 million, which exceeded the December budget by almost $353,000.”

Despite some numbers running below budget predictions, the health care system is staying in the black.

“We’re at about a 2.5 percent profit margin,” he said. That’s about half of the budgeted profit margin.

A capital investment of $156,765 for a new Emergency Department Physician Voice Recognition Dictation System will save more than $1 million annually. The cost for transcription services for the calendar year 2012 was about $1,092,028.

With the new system, those services will no longer be needed. The new system will convert doctor dictation to text. For words that are not recognized, doctors can edit the document, saving the expense of a transcriptionist.

Joy Hampton

366-3539

jhampton@

normantranscript.com

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