Finances

GREENVILLE HEALTH SYSTEM AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
As of September 30, 2017
(in thousands)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$

103,039

Net patient accounts receivable
278,485
Inventories of drugs and supplies
34,980
Other current assets
71,188
Estimated third-party payor settlements
23,127
Current portion of assets with limited use
2,902
Total current assets
513,721
ASSETS WITH LIMITED USE:
Internally designated
257,508
Held by trustee for debt service
236
Donor restricted
17,864
Less current portion
(2,902)
Assets with limited use – less current portion
272,706
PROPERTY, PLANT AND EQUIPMENT – Net 866,815
INVESTMENTS IN JOINT VENTURES 58,303
INVESTMENTS 589,504
OTHER ASSETS 22,265
TOTAL ASSETS
$

2,323,314

LIABILITIES AND NET ASSETS
CURRENT LIABILITIES:
Accounts payable
$

43,450

Accrued liabilities
253,660
Current portion of obligations under capital leases
497
Current portion of long-term debt
18,159
Total current liabilities
315,766
LONG-TERM DEBT – Less current portion 594,558
OBLIGATIONS UNDER CAPITAL LEASES – Less current portion 2,512
OTHER LONG-TERM LIABILITIES 406,588
Total liabilities
1,319,424
NET ASSETS:
Unrestricted
967,188
Temporarily restricted
36,702
Total net assets
1,003,890
TOTAL LIABILITIES AND NET ASSETS
$

2,323,314

 

GREENVILLE HEALTH SYSTEM AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
For the year ended September 30, 2017
(in thousands)
OPERATING REVENUES
Patient service revenues
Inpatient
$

2,070,088

Outpatient
3,992,885
Total patient service revenues
6,062,973
Adjustments to revenues
Bad debt
291,719
Charity
296,503
Contractual allowances
3,361,750
Total adjustments to revenues
3,949,972
Net patient services revenues
2,113,001
Other operating revenues 187,024
Net assets released from restrictions used for operations 4,838
Total operating revenues
2,304,863
OPERATING EXPENSES
Salaries, wages and contracted labor
1,145,264
Employee Benefits
232,039
Supplies
413,288
Other Expenses
358,439
Depreciation
110,462
Interest and amortization
16,113
Total operating expenses
2,275,605
INCOME FROM OPERATIONS
29,258
NON-OPERATING ACTIVITIES
Investment income-net
62,708
Change in fair value of interest rate swap instruments
5,614
Loss on Care Coordination Institute joint venutre
(1,710)
Contributions
(60,637)
Other Expense
(5,716)
Total non-operating activites
259
EXCESS OF REVENUES OVER EXPENSES
$

29,517

 

GREENVILLE HEALTH SYSTEM AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS
For the year ended September 30, 2017
(in thousands)
UNRESTRICTED NET ASSETS
Excess of revenues over expenses
$

29,517

Net assets transferred from Greenville Health Authority 332,511
Conversion from GASB to FASB (174,372)
Net adjustment for defined benefit plan (951)
Net assets released from restrictions used for purchase of
property, plant and equipment
2,663
Other (1,803)
Increase in unrestricted net assets 187,565
TEMPORARILY RESTRICTED NET ASSETS
Net assets transferred from Greenville Health Authority
38,619
Investment income – net
806
Contributions – net
3,098
Capital contributions
2,663
Transfers to related organizations
(2,682)
Other
(867)
Net assets released from restrictions used for purchase of
property, plant and equipment
(2,663)
Net assets released from restrictions used for operations
(4,838)
Increase in temporarily restricted net assets
34,136
INCREASE IN NET ASSETS 221,701
NET ASSETS – Beginning of year 782,189
NET ASSETS – End of year
$

1,003,890


2017 Annual Report Table of Contents