We have the 2008 Annual Report, complete with leadership teams, available as an electronic download (pdf)
URMC Financials
2008 Fiscal Year in Review
The University of Rochester Medical Center’s consolidated financial statements for the 2008 fiscal year reflect a $32.5 million increase in net assets. While this level of financial performance is commendable, it should be noted that it is significantly less than the 2007 fiscal year, which generated a $69.7 million increase in net assets.
Several recent fiscal achievements are worth highlighting. The Medical Center has maintained compliance with the University endowment draw guidelines of 5.5 percent (for both the School of Medicine and Dentistry and the School of Nursing), and continued growth and steady financial performance in its clinical enterprise (Strong Memorial Hospital, Highland Hospital, and the University of Rochester Medical Faculty Group). URMC has also finished several key construction projects – including the new Wilmot Cancer Center, the new Strong Memorial Hospital Observation Unit, and renovations of 4-1300 (an adult inpatient unit), the Eye Institute, and the CVRI vivarium. URMC has finalized financial planning for future ventures, including the Pediatric Replacement and Imaging Sciences Modernization (PRISM) project, the Clinical and Translational Science Building (CTSB), and the new, off-site Ambulatory Surgical Center.
Additionally, URMC has invested $133 million in property, plant and equipment, has paid $18.4 million to debt principal payments (leaving an outstanding long-term debt balance of $419 million), and has realized the highest annual royalty income in its history.
The discrepancy between this year’s financial performance and last year’s can be attributed primarily to a year-over-year decline ($37 million) in the increase in net assets related to Strong Memorial Hospital (SMH). While analyzing the major reasons for this trend, the most significant factors include: a precipitous decrease in the number of liver transplant cases and tracheotomy cases, an unrealized loss on investments, market rate recognition on swap transactions, and the adoption of FAS 158 (a measure requiring full recognition of post-retirement benefits). With the exception of SMH, the other Medical Center divisions reported results that were not significantly different from previous years.
As indicated on the Consolidated Statement of Operations, the change in total net assets, together with non-cash expenditures (e.g., depreciation), results in significant capital available to fund debt and other capital requirements. However, in light of ongoing expenses – including replacing equipment and emerging technology, new construction and renovation projects, and recruitment and retention of faculty and staff – URMC’s faculty and staff must continue to work even more diligently to generate extramural sources of funding, while also becoming more efficient in the delivery of the services provided to the region.
| Consolidated Statement of Operations (in thousands) | ||
|---|---|---|
| For the 12 Months Ended: June 30, 2007 |
For the 12 Months Ended: June 30, 2007 |
|
| Total revenue | $1,837,320 | $1,943,610 |
| Total expense | 1,752,300 | 1,902,670 |
| Excess of revenues over expenses | 85,020 | 40,940 |
| Other changes in net assets | (15,290) | (8,400) |
| Change in net assets | 69,730 | 32,540 |
| Add back depreciation expense | 47,970 | 51,240 |
| Amount available to meet capital requirements including debt payment | 117,700 | 83,780 |
| Total capital requirements, including debt payments | 160,080 | 151,800 |
| Shortfall | $ (42,380) | $ (68,020) |
| The Medical Center consolidated statements include: Strong Memorial Hospital, the School of Medicine and Dentistry, the School of Nursing, the University of Rochester Medical Faculty Group, Highland Hospital and Affiliates, Eastman Dental Center, the Visiting Nurse Service and The Highlands at Brighton. | ||
| Revenues (Fiscal year 2008) |
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| Expenses (Fiscal year 2008) |
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| Total Capital Requirements $ In Thousands (includes department principal payments) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Fiscal Year 2009 | SMD | SMH | SON | HAD | URMFG | EDC | URMC (total) |
HH | HS | VNS | Total |
| Capital Budget (total submissions)* | 60,814 | 97,373 | 239 | 11,722 | 4,983 | 2,368 | 177,499 | 21,075 | 1,294 | 304 | 200,172 |
| Debt principal payments** | 3,405 | 7,032 | ----- | 1.815 | ------ | ------ | 12,252 | 3,395 | 961 | 446 | 17,054 |
| 64,219 | 104,405 | 239 | 13,537 | 4,983 | 2,368 | 189,751 | 24,470 | 2,255 | 750 | 217,226 | |
| *Capital budget submission files **LTD production spreadsheet from UR Finance | Rounded 217,200 | ||||||||||
| Acute Care (For Strong Memorial Hospital and Highland Hospital) | ||
|---|---|---|
| Fiscal Year | 2007 (revised) |
2008 |
| Patient Discharges | 57,549 | 58,758 |
| Patient Days | 343,654 | 337,138 |
| Average Length of Stay (days) | 6.0 | 5.7 |
| Occupancy | 92.0% | 89.9% |
| Deliveries | 6,149 | 6,495 |
| Clinic Visits | 525,693 | 529,157 |
| Ambulatory Surgery | 18,094 | 17,810 |
| Emergency Visits | 122,512 | 127,007 |
| Long-Term Care | |||
|---|---|---|---|
| Fiscal Year | 2007 | 2008 | |
| Resident Days | Highlands at Brighton Highlands Living Center |
51,570 42,851 |
51,390 42,557 |
| Total | 94,421 | 93,947 | |
| Occupancy | Highlands at Brighton Highlands Living Center |
97.4% 96.2% |
96.8% 95.3% |
| Total | 96.8% | 96.1% | |
| Visiting Nurse Service of Rochester | |||
|---|---|---|---|
| Fiscal Year | 2007 | 2008 | |
| Total Visits | Professional Visits Para-professional Hours |
132,628 307,418 |
134,533 286,603 |
| Hospice | |||
| Occupancy | Highlands at Brighton | 97.4% | 96.8% |
| Research Spending School of Medicine and Dentistry (in thousands) |
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| Research Spending School of nursing (in thousands) |
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