2013 Annual Report
2013 NorthBay Healthcare System
Fiscally Fit at Year’s End
The growth of new advanced medical services, along with very busy hospitals, highlighted the financial performance of NorthBay Healthcare in 2013.
NorthBay Healthcare Group expects to post a net operating gain of approximately $25 million for fiscal year 2013, an improvement over the prior year when the system had a similarly impressive financial finish.
Operating revenue rose to $391 million last year as several services recorded significant year-over-year gains, including:
- Patient care days, up 6.1 percent
- Inpatient surgeries, up 7.5 percent
- Emergency visits, up 3.5 percent
In addition, modest increases were seen in hospital discharges, newborn deliveries and visits to the three locations of the Center for Primary Care, a NorthBay Affiliate.
Gains from non-operating earnings totaled $4.5 million, while investments and unrealized gains for the year earned an additional $7.1 million.
Other achievements in 2013 included:
- Success in the bond market came in the fall when 15 well-known institutional buyers lined up to buy $60 million in NorthBay tax-exempt bonds to finance new construction and to retire existing debt. Attractive terms resulted in nearly $1 million in annual interest savings.
- Net revenue earned from commercial payers, those patients covered by private, non-government insurance plans, increased 7.4 percent in 2013 compared to the prior year.
- Financial performance of the outpatient Surgery Center at NorthBay VacaValley, a hospital-physician partnership in Vacaville, showed positive operating income for the first time in three years, netting $323,000.