You have just been selected as the new Chief Executive Officer of OHC Medical Center, a 600-bed hospital in the suburbs of a city with a population of over 1.5 million. The former CEO, Ms. Andrews, was terminated because of her inability to engage in key managerial functions. Ms. Andrews was unable to effectively use financial information to assess the financial health of OHC and make decisions regarding current and future operations of OHC. ,At the request of the Board of Trustees, you have been scheduled to meet the organization’s Chief Financial Officer and Accountant. They have provided the following financial information. Using the figures evaluate the financial health of OHC accurately.,Provide the Board of Trustees with your conclusions about the financial health of the organization. Your discussion should include the state of the organization at the end of 2007 as well as a comparison of the years 2007 and 2008. Be sure to show all formulas and calculations ,Relevant ratios should be applied and conclusions drawn.,INCOME STATEMENT, 2007, 2008,Patient Revenues, $62,005,000, $51,923,000,Deductions from Revenue, $5,678,000, $6,703,000,Net Patient Revenue, $56,327, 000, $45,220,000,Other operating Revenues, $1,689,000, $4,350,000,Total revenues, $58,016,000, $49,570,000,Salaries, $13,620,000, $10,670,000,Other Expenses, $7,026,000, $4,723,000,Total Expenses, $20,646,000, $15,393,000,BALANCE SHEET, 2007, 2008,Assets, -, -,Cash and Cash Equivalent, $3,599,000, $1,605,000,Accounts Receivables, $5,304,000, $7,603,000,Total Current Assets, $8,903,000, $9,208,000,Other Assets, $9,968,000, $12,654,000,Property, Plant and Equipment, $25,579,000, $27,508,000,TOTAL ASSETS, $44,450,000, $49,370,000,-, -, -,Liabilities, -, -,Accounts Payable, $1,889,000, $1,234,000,Other Current Liabilities, $4,010,000, $3,126,000,Total Current Liabilities, $5,899,000, $4,360,000,Long-Term Debt, $35,324,000, $28,292,000,TOTAL LIABILITIES AND DEBT, $41,223,000, $32,652,000
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