Financial Overview

To inspire health and wellness in our patients and communities, we strive to continuously increase access to care and wellness resources and innovate to promote patients’ best possible outcomes. To support this care commitment, our healthcare system must also stay financially healthy.

Summary of 2020 Community Benefits

Salinas Valley Memorial Healthcare System supports the community with grants and sponsorships to organizations and nonprofit agencies furthering a mission of health and wellness. In addition, we help cover the costs of care that are not fully covered by insurance or government programs, and for patients who have limited financial resources.

Summary of 2020 Community Benefits
2020
Improving Access to Care
Unpaid cost of Medicare program$70,903,000
Unpaid cost of Medi-Cal program43,060,000
Charity care for uninsured10,485,000
Outpatient care and additional uncompensated expenses41,587,000
Total Benefits166,035,000
Community Health Initiatives
Community health education and awareness1,891,000
Community grants/support963,000
Total Benefits$2,854,000
Total Community Giving Impact$168,889,000

Fiscal Year 2019-20 Billed Charges

Fiscal responsibility is a priority at SVMHS. We face a number of significant investments in the coming years, such as the need for an updated facility to meet state-mandated seismic safety regulations, expansion of our Emergency Room to reduce wait times, expansion of our operating rooms and an update and refresh of our existing hospital.

All income over expenses is reinvested into the Healthcare System so that we can continue to care for all patients, regardless of their ability to pay, and provide the latest technology and services to our region.

Financial Snapshot

Fiscal Year 2020 Billed Charges
2020
Fiscal Year 2020 Billed Charges$2,424,986,000
Charity provided care to those unable to pay10,485,000
Unpaid government and commercial insurance reimbursement1,737,934,000
Other billed items, including bad debt and write-offs40,928,000
Total deduction$1,789,347,000
Total amount we received$635,639,000

Financial Statements

Operating Revenues
Operating Revenues2020
Patient services revenues$635,639,000
Other revenues26,125,000
Total operating revenues$661,764,000
Operating Expenses
Operating Expenses2020
Personnel$316,484,000
Supplies75,945,000
Purchased services46,159,000
Medical and other fees88,231,000
Impairment loss0
Depreciation and amortization22,385,000
Other expenses23,125,000
Total operating expenses$572,329,000
Net operating income (14% margin)$89,435,000
Non-operating Revenues and Expenses
Non-operating Revenues and Expenses2020
CARES Act grant$11,094,000
Donations6,205,000
Property taxes4,582,000
Investments609,000
Other2,189,000
Total non-operating revenues and expenses$24,679,000
Minority interest in income from affiliates(466,000)
Increase in Net Position
Increase in Net Position2020
Increase in net position$113,648,000
Net position (July 1, 2019)644,704,000
NET POSITION (JUNE 30, 2020)$758,352,000

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