Olympic Medical Center : An Overview Essay

Olympic Medical Center : An Overview Essay

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Olympic Medical Center is a locally owned and operated community acute care hospital governed by a seven‐member, publicly elected board. It was establishment on Nov. 1, 1951, and is a designated sole community hospital and rural referral center by Medicare in Port Angeles, Washington for more than 70,000 residents.
During the months of June and July 2015 the facility finished the emergency department expansion and remodeling of the existing department expanding its capacity from 14 to 20 beds, two of which will be dedicated to mental health and drug-abuse cases. Also, completed during 2015 was the remodeling of the 8,700-square-foot offices for Olympic Home Health that Olympic Medical Center bought in February 2015 for $460,000 with remodeling costing another $250,000 to $275,000. By August, a $105,080 contract for remodeling and reflooring the second story of the hospital was completed. On May 20th 2015 a $85,045 repainting project of the east and north sides of the hospital was approved. Its south and west sides were repainted last year. (Casey, 2015)
Olympic Medical Center had an increase in net revenue in 2015 over 2014 of $6,903151 which the Chief Financial Officer contributes to the increase in patient days. This is also a large increase over 2013 of $21,258,422. In 2013 there was an expenditure for a new Epic system of 1,500,000 (OMC, 2013, p. 2). In the third quarter of 2013 the payer mix changed where Medicare became 76.9% of the total government payer mix and account receivable days increased to 66 from 42 due to technical issues relating to the transition to the Epic/Lawson system.
Ratios for Olympic Medical Center
Current Ratio
This ratio suggests the number of times short-term assets cover short-term liabilities and ...

... middle of paper ...

...hermore, this organization also shows a decrease since 2013 from 0.504 to 0.245 showing this organization is actively working on decreasing long term debt.
Equity Ratio
The equity ratio compares the total equity in the company to the total assets. The equity ratio shows how much of the total organization’s assets are owned by the investors compared to how leveraged the organization is with debt. Organization’s with higher equity ratios have investor financing, which mean less interest, more free cash for expansion, growth and dividends, as opposed to organization with a lower equity ratio. The equity ratio for Olympic Medical Center is 0.71 compared to the benchmark of 0.51 means that it’s investor feel comfortable in investing in this organization. This has also been an improvement from previous years, 2014 - 0.69, 2013- 0.6, showing continuing faith from investors.

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