Doctors Hospital’s net profit for its financial year ended January 31, 2019 was up 68 percent year-on-year, according to the company’s annual report, reflecting a record performance with net patient revenue driven by an increase in emergency room visits.
Doctors Hospital recorded a total net profit of $4,040,470, in comparison to $2,405,134 for the financial year ended January 31, 2018.
“In addition to the strong, organic development of key service lines, a contributor to an improvement in earnings is the narrowing of losses at Bahamas Medical Center,” the annual report states.
“Losses shrank at Bahamas Medical Center by $320,591, based in part on the idling of unprofitable service lines and enhanced cost management measures by management.”
According to the annual report, the hospital’s emergency room visits increased in the review period by 13.7 percent, which grew patient revenue 8.1 percent over the previous review year. Revenue landed at $4,398,014 for the financial year.
“Total admissions to the facility were 4,634 compared to 4,041 in the previous year,” the report states.
“Average occupancy for the year ended January 31, 2019 was 54.8 percent versus 46.6 percent in the prior year. Adult patient days – a core measure of activity – was 14,410 for the year ended January 31, 2019, a 17.7 percent increase versus the prior year, bringing the average daily volume to 39.5 patients for the year versus 33.6 patients in the prior year.
“Growth occurred in all service areas except for the Intensive Care Unit (ICU) at Doctors Hospital. Based on an intentional idling of select service lines at Bahamas Medical Center, revenue declined at this facility by $300,288 on a year-over-year basis.”
The report adds that the introduction of International Financial Reporting Standards resulted in the company adjusting its revenue and reducing accounts receivables by $2,415,650 “considering the requirements under this standard”.
The company’s total expenses for the review year increased by 5.5 percent, mostly due to expenses associated with an increase in staffing, which was a response to “stronger patient activity”.
The report adds that Doctors Hospital also purchased property for $3,778,740 “on East Bay Street for the future development of a skilled nursing facility”.
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