St. Vincent Hospital’s 2018 audit marks another year of positive growth for the establishment.
In 2018, the taxing district closed the year with a margin of 7.4 percent, about 2.5% higher than the 2017 average for all Colorado hospitals. SVGH’s 2018 margin marks a 14.3% total margin increase from 2016.
The hospital’s operating margin, or profits from operations not including taxes of the ambulance service mill levy, was -3.9%. The margin has improved from -5.3% in 2017 and -18.1% in 2016 but still trails the 2017 state average of 3.6%.
Average cash on hand, or the number of days of average cash expenses the district maintains in cash and marketable securities, grew from 33 days in 2017 to 44 days in 2018.
One area in which SVGH marked the most growth was capital equipment expenditures. Measuring the amount the hospital’s equipment depreciated in 2018, the audit determined SVGH replaced enough equipment to gain back 212% of that depreciation. This marks a 203% increase from 2017.
Notable capital expenditures in 2018 included a new ambulance, roof and boiler system repairs, a hematology analyzer and more.
The hospital also continued to pay off debt in 2018. The district’s debt-to-net position decreased from 28% in 2017 to 15% in 2018.
Debt-to-net position is likely to go up again in 2019 as the SVGH signs off on financing for construction of the new hospital.
The hospital added nine full-time jobs in 2018, to 65 positions.
Auditor Dingus, Zaarecor and Associates recommended that SVGH create better controls around manual journal entries while noting that the hospital’s financial position is improving.
“Things are getting more consistent,” SVGH Board Chair Kim Kegu said of the audit.
In other news, SVGH recently received a 2020 Colorado Department of Health Emergency Medical Trauma Services grant for $228,000. The grant, along with a $114,000 match from the hospital, will finance a new ambulance, 18 new radios, a new Zoll heart-rate monitor and a new Stryker cot.