Fletcher Allen, a Vermont university hospital and medical center, serves all of
Vermont and the northern New York region. Located in Burlington, Fletcher Allen is a regional, academic healthcare center and teaching hospital in alliance with the University of Vermont.
Fletcher Allen Releases First Quarter Financial Results For Fiscal Year 2009 and Results for FY 2008
Immediate (June 8, 2009)
Mike Noble
Marketing and Communications
802-847-2886
BURLINGTON VT - Fletcher Allen reported a net operating income of $4 million for the first quarter of the 2009 Fiscal year. The first quarter covers the period beginning October 1st and ending December 31, 2008. The organization also finished its 2008 fiscal year approximately $0.1 million above budget. The fiscal year runs from October 1 through September 30.
First Quarter Results
The net operating income for the first quarter was approximately $0.3 below the budgeted amount of $4.3 million, and $4.5 million above the first quarter of FY 2008. Total operating revenues for the first quarter were $200.9 million, approximately $4.8 million below budget. The organization's operating expenses for the quarter were $196.8 million, $4.6 million below budget, resulting in the net operating gain of $4.0 million and an operating margin of 2.0% for the first quarter. By comparison, the organization had an operating margin of - 0.26% in the first quarter of FY 2008.
Operating earnings before interest, depreciation and amortization (EBIDA) for the period totaled $17.8 million compared to the $18.5 budgeted figure and $12.7 million for the first quarter of FY 2008.
Days cash on hand was measured at 100 days for the quarter compared to 106 days last year. This indicator is a projected estimate of the number of days an organization could meet operating expenditures provided no additional revenues were received.
Key volume measures were mixed for the first quarter. Total inpatient discharges were above budget by 45 (0.8%) as was combined inpatient and outpatient days, a measure of the number of patients in the hospital each day, at 19.1% above budget. However, physician office visits were 0.6% below budget.
FY 2008 Results
Fletcher Allen reported a net operating income of $21.1 million for the 2008 fiscal year. This included an operating income of approximately $7.4 million for the fourth quarter beginning July 1 and ending September 30. The yearly operating income figure was approximately $0.1 million above budget.
Results on the Web Site
The institution began making its quarterly financials public with the release of the first quarter results for FY 2003 in February 2003. The audited financial statements as well as the quarterly results for FY 2003 through the first quarter of FY 2009 will be available on the Fletcher Allen Web site. Please click here to see FY 2009 First Quarter Financial Results and FY 2008 Year-End Financial Results.
About Fletcher Allen
Fletcher Allen Health Care, together with our partners at the University of Vermont College of Medicine and the College of Nursing and Health Sciences, is Vermont's academic medical center. Our mission is to improve the health of the people in the communities we serve by integrating patient care, education and research in a caring environment. Fletcher Allen serves as a regional referral center -- providing advanced care to approximately one million people in Vermont and northern New York -- and as a community hospital for approximately 150,000 residents in Chittenden and Grand Isle counties. With more than 30 patient care sites and 100 outreach clinics, programs and services throughout the region, Fletcher Allen is committed to being a national model for the delivery of high-quality academic health care for a rural region.
