Phoebe financial audit shows strong increases - WALB.com, Albany News, Weather, Sports

Phoebe financial audit shows strong increases

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January 9, 2008

Albany -- Phoebe Putney's 2007 audit shows the hospital made more than 17 and a half million dollars last year. That's more than five million dollars more than the hospital's excess revenues in 2006. And the deadly tornado that ripped through Americus is part of the reason that Phoebe's business increased dramatically.

 The 2007 financial audit shows that Phoebe Putney Hospital had more than 487 million dollars in net revenues, thanks in big part because of an increase in the number of patients the hospital treated. The March 1st tornado that destroyed Sumter Regional Hospital forced many of those patients from the Americus area to become Phoebe customers.  Phoebe CEO Joel Wernick said "if that occurred, it has not been our intention. "

Phoebe also had a rate increase in 2007. The financial audit shows that the non profit hospital's revenues made after all expenses was 17 million, 639 thousand dollars, up from 12 million 370 thousand dollars in 2006. That's despite re-investing 31 million dollars for new equipment and new buildings.

The total margin of profit increased from 2.8 percent in 2006 to 3. 6 percent in 2007. Phoebe Chief Financial Officer Kerry Loudermilk said "all that money is re-invested back into equipment and services that the organization provides to meet the health care needs of Southwest Georgia."

The hospital also spent a record $93.1 million dollars in free and charity care, and community benefits. Wernick said "the fact that there is over 20 pages in our audit dedicated just to documenting that out to put a lot that nay saying to bed."

The financial audit shows Phoebe's total assets grew to 393 million dollars Phoebe officials said declining reimbursements from Medicare and Medicaid continue to be their biggest financial challenge.

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