Financial Statements For The Master Investment Pool

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The meeting was called to order at 8:00 a.m. by Mr. Marshall, Chair.

Minutes: The minutes of the May 12, 2015 Finance Committee meeting were approved as presented.

Investment Committee Update: Mr. Hager reviewed the June 2015 investment results from the Dartmouth-Master Investment Pool. Performance was slighter better than S&P 500 for June. The next meeting for the Master Investment Pool will occur in late August. Mr. Hager will report at the next Finance Committee Meeting on September 22, 2015.

Mark McCue will be consulted regarding the Charter and other issues that may arise in light of the change to the DHMC Master Investment Pool.

Review of Preliminary June Operating Results:

General: Mr. Griffin reviewed the
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The 2015 budget allowed for a $300k draw on investments to break even, but that was not needed to produce the positive bottom line that was achieved. These results are preliminary as we await BDMP consulting feedback regarding the results of the Medicare Cost Report modeling and estimate for FY15 MET.

Hospital: June’s gross revenue exceeded budget by $644,167 and FY 15 gross revenue exceeded budget by $7,109,238. Hospital departments with revenue favorable to the budget for June included Radiology at $412,293, Cardiology at $168k and Lab at $136,039. FY 15 Patient Free Care was $819,196 favorable to budget and Bad Debt was $182,356 favorable to budget

June’s daily inpatient census was slightly behind of budget at 15.3 compared to a budgeted 18.2. The year-to-date daily census was 16.9 compared to a budgeted 18.2.

Expenses were over budget by $887,876 for the month which included overages in Salaries, Purchased Services, and the Medicaid Enhancement Tax. An overage was expected in salaries related to the board approved market value adjustments and bonuses given to eligible staff in June. Purchased services exceeded budget by $163k due to the continued need for temporary help/travelers in Clinical areas as well as IT costs related to electronic medical records and meaningful use. Practices: Mr. Griffin reported that the NLH Medical Group’s (Physician Practices ) June gross patient revenue was $61,049
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