MAIMONIDES MEDICAL CENTER

Interim Financial Statements

For the Six Months Ended

June 30, 2019

 Maimonides Medical Center

Interim Financial Statements

June 30, 2019

Index

Statement of Operations………………………………………………………………………………………………………….… 1

Inpatient Statistics……………………………………………………………………………………………….…….…………… 2

Outpatient Statistics……………………………………………………………………………………….………………………. 3

Balance Sheet…………..…………………………….………………………………………………………….………………………..
4

Statement of Cash Flows…………………………………………………………………………………………………………………

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 Maimonides Medical Center
Consolidated Statement of Operations
For the Six Months Ended June 30, 2019

Month Year-to-Date

Description Budget Actual Variance Budget Actual Variance

Inpatient Service Revenue 70,157,815 62,842,013 (7,315,802) 420,917,619 404,671,164 (16,246,455)

Outpatient Revenue (Incl. Faculty Practice) 31,913,517 32,297,139 383,622 191,832,301 199,956,574 8,124,273

Net Patient Service Revenue 102,071,332 95,139,152 (6,932,180) 612,749,920 604,627,738 (8,122,182)

Other Operating Revenues 10,963,762 20,540,384 9,576,622 28,132,346 47,114,642 18,982,296

Total Operating Revenue 113,035,094 115,679,536 2,644,442 640,882,266 651,742,380 10,860,114

Operating Expenses

Salaries 50,907,926 51,297,508 (389,582) 307,963,322 311,884,736 (3,921,414)

Supplies & Expenses 29,023,078 29,784,526 (761,448) 174,517,716 178,010,952 (3,493,236)
Employee Benefits 15,056,473 14,869,320 187,153 93,332,076 91,647,975 1,684,101
Depreciation 4,312,640 4,312,640 - 25,875,842 25,875,842 -
Interest 728,023 546,806 181,217 4,329,454 3,823,378 506,076
Insurance 4,430,700 4,430,449 251 26,584,197 26,582,697 1,500

Total Operating Expenses 104,458,840 105,241,249 (782,409) 632,602,607 637,825,580 (5,222,973)

Medical Center Net Profit (Loss) 8,576,254 10,438,287 1,862,033 8,279,659 13,916,800 5,637,141
M2PC Loss from Operation (1,444,860) (2,285,998) (841,138) (7,449,750) (8,313,758) (864,008)
Total Operating Profit (Loss) before Other Items 7,131,394 8,152,289 1,020,895 829,909 5,603,042 4,773,133

Change in Equity in Captive Insurance Program - 13,800,000

Unrealized Gains (Losses) on Investments 870,285 3,992,584
Change in Fair Value of Interest Rate Swap Agreements (58,011) (276,394)
Grants for Capital Asset Acquisitions - 5,016,061
Excess (Deficiency) of Revenue Over Expenses 8,964,563 28,135,293

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 Maimonides Medical Center
Inpatient Statistics
For The Six Months Ended June 30, 2019

CURRENT MONTH YEAR TO DATE

Discharges
2018
Actual
2019
Budget
2019
Actual
Act vs Bud
Variance
-- _ ,J L_
2019 vs 2018
Variance
2018
Actual
2019
Budget
-
2019
-Actual
Act vs Bud
Variance
-- _ J
2019 vs 2018
Variance

Medicine - Excluding Cardiology 1,077 1,102 1,058 (44) (19) 6,524 6,620 6,395 (225) (129)
Medicine - Cardiology 230 247 228 (19) (2) 1,364 1,452 1,401 (51) 37
Total Medicine 1,307 1,349 1,286 (63) (21) 7,888 8,072 7,796 (276) (92)

Surgery 247 283 242 (41) (5) 1,397 1,628 1,363 (265) (34)
Trauma Center 56 60 75 15 19 375 367 356 (11) (19)
Vascular Surgery 35 36 22 (14) (13) 175 190 148 (42) (27)
Cardiac Surgery 64 62 34 (28) (30) 354 351 240 (111) (114)
Thoracic Surgery (Non-Cardiac) 28 32 41 9 13 262 282 213 (69) (49)
Neuro Surgery 61 61 59 (2) (2) 341 338 352 14 11
Orthopedics 58 65 53 (12) (5) 286 339 305 (34) 19
Urology 36 46 55 9 19 250 295 281 (14) 31
Total Surgery 585 645 581 (64) (4) 3,440 3,790 3,258 (532) (182)

GYN 34 38 57 19 23 236 249 246 (3) 10

Pediatrics + Neonatal 244 243 275 32 31 1,612 1,549 1,677 128 65
Total Adult & Pediatric Disch. 2,170 2,275 2,199 (76) 29 13,176 13,660 12,977 (683) (199)
OBS 716 713 743 30 27 4,238 4,182 4,121 (61) (117)
Nursery 593 594 621 27 28 3,602 3,631 3,463 (168) (139)
Psychiatry 142 145 115 (30) (27) 775 850 755 (95) (20)
Total Disch, incl. Nurs. & Psych. 3,621 3,727 3,678 (49) 57 21,791 22,323 21,316 (1,007) (475)

Inpatient Days
Medicine - Excluding Cardiology 7,039 6,950 6,344 (606) (695) 41,929 41,906 41,686 (220) (243)
Medicine - Cardiology 1,145 1,217 1,308 91 163 7,183 7,148 8,054 906 871
Total Medicine 8,184 8,167 7,652 (515) (532) 49,112 49,054 49,740 686 628

Surgery 3,177 3,159 2,887 (272) (290) 18,510 18,867 17,017 (1,850) (1,493)
GYN 92 96 121 25 29 598 619 646 27 48
Pediatrics + Neonatal 1,328 1,560 1,507 (53) 179 9,787 9,522 9,978 456 191
Total Adult & Pediatric Days 12,781 12,982 12,167 (815) (614) 78,007 78,062 77,381 (681) (626)
OBS 1,926 1,921 2,001 80 75 11,516 11,389 11,072 (317) (444)
Nursery 1,317 1,342 1,359 17 42 8,111 8,154 7,658 (496) (453)
Psychiatry 2,001 2,192 1,809 (383) (192) 11,751 12,849 11,320 (1,529) (431)
Total Inp. Days incl. Nurs. & Psych. 18,025 18,437 17,336 (1,101) (689) 109,385 110,454 107,431 (3,023) (1,954)

Average Length of Stay

Medicine - Excluding Cardiology 6.54 6.31 6.00 (0.31) (0.54) 6.43 6.33 6.52 0.19 0.09
Medicine - Cardiology 4.98 4.93 5.74 0.81 0.76 5.27 4.92 5.75 0.83 0.48
Total Medicine 6.26 6.05 5.95 (0.10) (0.31) 6.23 6.08 6.38 0.30 0.15

Surgery 5.43 4.90 4.97 0.07 (0.46) 5.38 4.98 5.22 0.25 (0.16)
GYN 2.71 2.53 2.12 (0.40) (0.58) 2.53 2.49 2.63 0.14 0.09
Pediatrics + Neonatal 5.44 6.42 5.48 (0.94) 0.04 6.07 6.15 5.95 (0.20) (0.12)
Total Adult & Pediatric A.L.O.S. 5.89 5.71 5.53 (0.17) (0.36) 5.92 5.71 5.96 0.25 0.04
OBS 2.69 2.69 2.69 (0.00) 0.00 2.72 2.72 2.69 (0.04) (0.03)
Nursery 2.22 2.26 2.19 (0.07) (0.03) 2.25 2.25 2.21 (0.03) (0.04)
Psychiatry 14.09 15.12 15.73 0.61 1.64 15.16 15.12 14.99 (0.12) (0.17)
Total Inp. Days incl. Nurs. & Psych. 4.98 4.95 4.71 (0.23) (0.26) 5.02 4.95 5.04 0.09 0.02

Note: Short Stay Outliers included in total discharges Page 2

 Maimonides Medical Center
-
~ - Maimonides
Medical Center
OUTPATIENT STATISTICS
For The Six Months Ended June 30, 2019

CURRENT MONTH YEAR TO DATE

I 2018
Actual
2019
Budget
2019
Actual
Act vs Bud
Variance
2019 vs 2018
Variance
2018
Actual
2019
Budget
2019
Actual
Act vs Bud
Variance
2019 vs 2018
Variance
J
EMERGENCY ROOM 9,728 9,840 9,820 (20) 92 61,065 60,125 59,709 (416) (1,356)
Less ER Admissions 1,955 1,811 1,941 130 (14) 12,074 11,074 11,675 601 (399)
Less ER Walk Outs 102 144 107 (37) 5 614 880 620 (260) 6
Less Patients in Observation 199 254 179 (75) (20) 1,287 1,530 1,491 (39) 204
NET EMERGENCY ROOM VISITS 7,472 7,631 7,593 (38) 121 47,090 46,641 45,923 (718) (1,167)

EMERGENCY ROOM OB VISITS 1,092 1,070 1,103 33 11 6,743 6,608 6,312 (296) (431)
Less ER-OB Admissions 614 605 635 30 21 3,664 3,454 3,627 173 (37)
Less ER-OB Walk Outs - - - - - - - - - -
NET EMERGENCY ROOM VISITS 478 465 468 3 (10) 3,079 3,154 2,685 (469) (394)

TOTAL NET EMERGENCY ROOM 7,950 8,096 8,061 (35) 111 50,169 49,795 48,608 (1,187) (1,561)

NET OBSERVATION VISITS* 199 254 179 (75) (20) 1,287 1,530 1,491 (39) 204

Hours of Diversion 0.00 - 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00

ARTICLE 28 CLINICS
48th Street Clinic 4,599 5,160 4,683 (477) 84 28,728 32,269 28,805 (3,464) 77
Cardiology Clinic 2,050 1,998 2,021 23 (29) 12,066 12,308 12,619 311 553
Cardiac Rehab 202 160 172 12 (30) 998 1,002 903 (99) (95)
57th Street Clinic 2,553 2,727 2,317 (410) (236) 16,335 17,045 15,717 (1,328) (618)
7th Avenue Clinic 1,118 1,129 1,305 176 187 6,866 7,058 6,450 (608) (416)
13th Avenue Clinic 854 870 722 (148) (132) 4,223 4,420 4,325 (95) 102
Newkirk Clinic 1,350 1,386 1,210 (176) (140) 8,160 8,667 8,133 (534) (27)
Life Forward Clinic 74 59 69 10 (5) 374 354 453 99 79

TOTAL ARTICLE 28 CLINICS 12,800 13,489 12,499 (990) (301) 77,750 83,123 77,405 (5,718) (345)

OTHER OUTPATIENT
Referred Procedures 3,352 3,547 3,118 (429) (234) 19,669 20,506 18,775 (1,731) (894)
MRI 145 154 203 49 58 783 842 1,071 229 288
Endoscopy 375 312 335 23 (40) 1,938 1,953 1,850 (103) (88)
Ambulatory Surgery ** 929 884 851 (33) (78) 5,462 5,535 5,374 (161) (88)
Ambulatory Caths 262 229 233 4 (29) 1,482 1,433 1,663 230 181

TOTAL OTHER OUTPATIENT 5,063 5,126 4,740 (386) (323) 29,334 30,269 28,733 (1,536) (601)

HYPERBARIC 329 273 236 (37) (93) 1,703 1,709 1,838 129 135
WOUND CARE 287 287 368 81 81 1,618 1,794 2,092 298 474
SLEEP LAB 215 204 195 (9) (20) 1,310 1,278 1,346 68 36
LITHOTRIPSY 87 68 54 (14) (33) 420 427 392 (35) (28)

REHABILITATION THERAPIES
Physical Therapy 1,401 1,489 1,173 (316) (228) 8,151 8,578 8,281 (297) 130
Occupational Therapy 237 253 255 2 18 1,103 1,284 1,564 280 461
Speech Therapy 101 117 109 (8) 8 631 512 569 57 (62)

TOTAL THERAPIES 1,739 1,859 1,537 (322) (202) 9,885 10,374 10,414 40 529

ARTICLE 28 CMHC
Psych Clinic - Adult 3,692 3,951 3,615 (336) (77) 22,222 22,708 22,446 (262) 224
Psych Clinic - Children 1,090 1,372 1,120 (252) 30 6,890 7,409 7,792 383 902
TOTAL ARTICLE 28 CMHC 4,782 5,323 4,735 (588) (47) 29,112 30,117 30,238 121 1,126

ARTICLE 28 CANCER CENTER

Breast Surgery 830 1,014 941 (73) 111 4,911 6,288 5,113 (1,175) 202
Hematology Oncology 3,477 3,453 3,444 (9) (33) 20,177 21,206 21,037 (169) 860
Mammography 1,654 1,551 1,781 230 127 9,377 9,617 10,259 642 882
MRI - Cancer Center 187 202 210 8 23 1,086 1,247 990 (257) (96)
Hematology Oncology-Peds 322 292 271 (21) (51) 1,803 1,812 1,871 59 68
PET Scans 317 322 337 15 20 1,965 1,996 2,016 20 51
Radiation Oncology 1,527 1,343 1,438 95 (89) 8,148 8,223 8,271 48 123
Cancer Center Counseling 251 372 305 (67) 54 1,650 2,308 1,669 (639) 19

TOTAL CANCER CENTER 8,565 8,549 8,727 178 162 49,117 52,697 51,226 (1,471) 2,109

* Excludes Observation visits that were admitted

** Ambulatory Surgery includes visits registered as Ambulatory Surgery, Minor Surgery and Ambulatory Laser. Page 3
 Maimonides Medical Center
Consolidated Statements of Financial Positions

Audited Audited
June December June December
2019 2018 2019 2018
Assets (In Thousands) Liabilities and net assets (In Thousands)
Current assets: Current liabilities:
Cash & cash equivalents $ 6,634 $ 31,214 Accounts payable and accrued expenses $ 105,207 $ 91,183
Short-term investments 93,865 79,365
Total cash, cash equivalents and short-term investments 100,499 110,579 Construction payable 5,072 8,702

Assets limited as to use, current portion:

Board designated 132,707 141,336 Accrued salaries and related liabilities 98,000 93,643
DSRIP 110,408 99,494

Receivables for patient care, net of Current portion of long-term debt and
allowance for doubtful accounts 179,601 169,044 capital lease obligations 21,848 39,848

Due from affiliates, net, current portion 22,535 18,526

Supplies 13,003 11,915 Line of credit and short-term loan borrowings 25,516 25,516

Estimated insurance claims receivable, current portion 34,083 34,083 Estimated insurance claims liabilities, current portion 34,083 34,083

Right-of-use asset, current portion 18,633 - Lease liability, current portion 18,633 -

Other current assets 69,643 58,240 Other current liabilities 107,779 108,885

Total current assets 681,112 643,217 Total current liabilities 416,138 401,860

Assets limited as to use, less current portion: Long-term debt and capital lease obligations,
less current portion 211,002 199,491
Sinking funds 15,055 14,531 Accrued pension and post retirement benefits 90,825 89,139
Other noncurrent liabilities 63,193 72,347
Professional liabilities 37,921 35,514
Estimated insurance claims liabilities, less current portion 193,135 193,135
Right-of-use asset, less current portion 90,086 - Lease liability, less current portion 83,871 -
Total liabilities 1,096,085 991,486
Due from affiliates, net, less current portion 165 156
Net assets
Property, plant and equipment, net 310,229 309,256 Net assets without donor restrictions 378,290 350,155
Net assets with donor restrictions 21,631 20,878
Equity in captive insurance program 187,305 173,505

Estimated insurance claims receivable, less current portion 193,135 193,135

Total net assets 399,921 371,033
Other assets 18,919 28,719

Total assets $ 1,496,006 $ 1,362,519 Total liabilities and net assets $ 1,496,006 $ 1,362,519

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 Maimonides Medical Center
Consolidated Statement of Cash Flows
For the period ended 06/30/2019
with comparative figures as of 12/31/18
(In Thousands)
Audited
06/30/19 12/31/18
Operating Activities
Change in net assets 28,888 77,866
Adjustments to reconcile change in net assets to net
cash provided by operating activities:
Depreciation and amortization 25,876 48,963
Gain on sale of buildings and land, net (61,029)
Changes in operating assets and liabilities
Receivables for patient care (10,557) (12,723)
Other Current Liabilities and construction payable 13,897 14,664
Accounts payable and accrued expenses
and accrued salaries and related liabilities 18,381 12,047
Other assets (128,298) (5,191)
Other liabilities 79,373 (3,453)
Due from affiliates (4,019) (1,878)
Net cash provided by (used in) operating activities 23,541 69,266

Investing activities
Acquisitions of property plant and equipment-net (19,131) (37,814)
Sale of buildings and land - 64,300
Decrease (increase) in assets limited as to use (2,285) (64,855)
Changes in sinking fund (524) (167)
Net cash (used in) provided by investing activities (21,941) (38,536)

Financing activities
Repayments of long term debt & capital lease obligations (12,810) (25,516)
Proceeds from financing 1,131 6,995
Net cash (used in) provided by financing activities (11,679) (18,521)

Net increase (decrease) in cash and cash equivalents (10,080) 12,209

Cash, cash equivalents and short term investments at beginning of year 110,579 98,370
Cash, cash equivalents and short term investments at end of period 100,499 110,579

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