Erlanger Has $1.4 Million Profit In December; Announces Plan To Freeze Retirement Program

Monday, January 20, 2014

Chief Financial Officer Britt Tabor reported Monday night that the Erlanger Health System posted a $1.4 million profit from operations in December.  He noted that last December Erlanger posted a loss of more than $1.2 million from operations.


At the same time, Erlanger Chief Administrative Officer Gregg Gentry presented a plan to the Erlanger Board's finance committee for an amendment to the Hospital Authority Pension Retirement Plan and Trust to freeze the plan for all employees, effective June 21, 2014.

  


A second resolution was to approve a change to the Erlanger Associate Retirement (401(a) Savings Plan, providing a revised corporate matching plan for those employees affected by the amendment to the Hospital Authority Pension Retirement Plan and Trust. Both were approved by trustees.

 

Mr. Gentry said, "This is a plan freeze, not a plan termination. Accrued benefits through June 21, 2014 will not be reduced."


Officials said,  "A separate communication with details will also be posted on Erlanger’s intranet site tomorrow, and additional information will be made available as we approach the 6/21/14 freeze date." 


 Six months into the fiscal year, Erlanger’s $1.5 million year-to-date loss from operations  “is considerably less than our projected loss of $7.5 million at this point in the fiscal year,” Mr. Tabor told trustees. 

 

He said, “Although we stand at a loss mid-way through our fiscal year, the Erlanger Health System is more than $6 million ahead of our budgeted projections at this point.”

 

Highlights of December’s budget report include:

  • Admissions up by  four percent and 5.6 percent higher than last December.
  • Surgical inpatients 7.6 percent over budget and 17 percent higher than last December.
  • Surgical outpatients 1.8 percent over budget, and more than 10 percent higher than last year.
  • Orthopedic inpatient surgeries 17.6 percent over budget and 26.8 percent greater than prior year.
  • Neurosurgery inpatient surgeries 1.4 percent over budget and 8.8 percent higher than last year.
  • Inpatient heart/thoracic surgeries with cabs/valves 30 percent over budget and 39.3 percent greater than prior year.
  • Cost per adjusted admission was $7,587 compared to a budgeted $8,301
  • Paid FTE’s per adjusted occupied bed 4.91 compared to a budgeted 5.40
  • Supplies and drugs per adjusted admission were slightly less than budgeted, at $1,535, compared to $1,540. 

Mr. Tabor said there were a number of “surprising and unexpected factors” that prevented Erlanger from posting higher gains in December.  “Our indigent/self pay utilization was almost 59 percent over budget and more than 20 percent higher than last December,” he noted.  Also having a negative impact on December financials were ER visits which were down by 11 percent, physician practice visits, down by 39 percent and cardiac cath procedures, which were almost 14 percent under budget.

 

In addition, Erlanger provided more than $5.6 million in uncompensated care during the month of December, bringing the year-to-date total of uncompensated healthcare services of nearly $43 million to the community.

 

   


Smith Says New Freeway Ties To Hamilton Place Will Bring "Huge Improvement In Traffic For The Entire Area"

City Councilman Ken Smith said new direct ties between the I-75 freeway and the Hamilton Place area will bring "a huge improvement in traffic for the entire area." Councilman Larry Grohn praised CBL & Associates for putting up the city's $8 million share of the $40 million project. He said it has been 8-10 years in the making. The council unanimously approved moving ... (click for more)

Sterling Jetton Seeks Office Of Hamilton County Assessor Of Property

Rev. Sterling Jetton announced that he will seek the Republican nomination for the office of Hamilton County assessor of property.  The Republican Primary will be held on March 1.  After serving in the United States Army and the National Guard, Mr. Jetton has worked as an employee of the Assessor of Property’s office for 27 years.  Mr. Jetton has also served in ... (click for more)

In Agreement With Rep. Womick's Bill

I agree wholeheartedly with the bill by Rep. Womick that county clerks only marry couples of the opposite sex, but I doubt that the present Supreme Stupids would change the position of the court and fear that the time, energy and money spent to defend a legal action brought by the liberal supporters of the present state of the law would be for nothing.  There is a higher ... (click for more)

Roy Exum: A Very Silly Apology

It didn’t get a lot of attention, as well it should not have, but when I heard Japanese giant Mitsubishi was offered an apology for heinous war crimes that took place during World War II, I thought it was an ill-conceived publicity stunt. But, no, in a solemn ceremony last month hosted by the Museum of Tolerance at the Simon Wiesenthal Center in Los Angeles, that is exactly what ... (click for more)

UTC Football: First Practice To A National Title

Monday was the first day of pre-season practice for the UTC football team with 33 days to the season opener with Jacksonville (Ala.) State and 159 days (Jan.9, 2016) to the FCS title game in Frisco, Texas. The last time UTC played in Texas was half a century ago at North Texas State (Denton) in 1966.   “The first day of practice is always exciting as it’s the start ... (click for more)

Jones Press Conference Kicks Off Vols' Preseason

KNOXVILLE, Tenn. – Coach Butch Jones held his preseason football press conference on Monday at Neyland Stadium. Jones heads into his third season with visible enthusiasm after the Vols finished off the 2014 season with an impressive win over Iowa in the TaxSlayer Bowl, following that up with another nationally ranked recruiting class. "In terms of our football team, we ... (click for more)