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Pardee reports healthy finances

Strong numbers in admissions, urgent care visits and surgeries kept Pardee Hospital on solid financial ground through the first 10 months of its fiscal year, Pardee’s Board of Directors was told on Wednesday.

After an anemic first quarter, Pardee has shown growth across most services and strong operating margins through the calendar year. The hospital’s budget year runs from Oct. 1 to Sept. 30.
Admissions year to date through July were 6,364, 467 ahead of budget and 773 better than the same period in 2013-14, Finance Committee Chair Bill Smith reported. Total emergency room visits of 25,961 was 1,106 ahead of budget and 975 better than the previous year. Physician visits, at 84,981, lagged behind budget by 8,993. Due mainly to Pardee’s acquisition of more physician practices, the number of doctor visits beat the previous year’s total by 10,168.
Pain clinic procedures and visits totaled 5,986, which was 1,326 better than the target and 1,720 ahead of last year. Visits to the Hendersonville and Fletcher urgent care clinics also remained strong, at 29,559, or 3,922 better than budget and 5,631 ahead of 2013-14.
The strong numbers drove Pardee to a gross profit margin of $12.38 million, $2.5 million over budget and $8.67 million better than last year. The hospital reported a net operating margin of $4.5 million, or 3.1 percent, which beat budgeted goal of 1.8 percent but trailed last year’s 10-month margin of 6.4 percent. Total net income was up 5.4 percent, ahead of budget (3 percent) but behind 2013-14, which was 7.8 percent.