Attached files
| file | filename |
|---|---|
| EX-99.3 - EX-99.3 - Envision Healthcare Holdings, Inc. | a14-20095_1ex99d3.htm |
| EX-99.1 - EX-99.1 - Envision Healthcare Holdings, Inc. | a14-20095_1ex99d1.htm |
| EX-23.1 - EX-23.1 - Envision Healthcare Holdings, Inc. | a14-20095_1ex23d1.htm |
| 8-K/A - 8-K/A - Envision Healthcare Holdings, Inc. | a14-20095_18ka.htm |
Exhibit 99.2
PHOENIX PHYSICIANS, LLC
and AFFILIATES
(LIMITED LIABILITY COMPANIES)
Condensed Combined Financial Statements
(Unaudited)
Three Months Ended
March 31, 2014 and 2013
PHOENIX PHYSICIANS, LLC
CONDENSED COMBINED STATEMENTS OF FINANCIAL POSITION
|
|
|
March 31, |
|
December 31, |
| ||
|
|
|
(Unaudited) |
|
(Audited) |
| ||
|
Assets |
|
|
|
|
| ||
|
Current assets: |
|
|
|
|
| ||
|
Cash and cash equivalents |
|
$ |
5,197,105 |
|
$ |
3,895,850 |
|
|
Accounts receivable, net |
|
15,955,706 |
|
15,075,642 |
| ||
|
Accounts receivable-subsidy income, net |
|
3,714,536 |
|
1,972,209 |
| ||
|
Receivables from related party |
|
416,918 |
|
277,500 |
| ||
|
Prepaid expenses and other current assets |
|
296,117 |
|
2,884,784 |
| ||
|
Total current assets |
|
25,580,382 |
|
24,105,985 |
| ||
|
Non-current assets: |
|
|
|
|
| ||
|
Property and equipment, net |
|
98,414 |
|
88,759 |
| ||
|
Deposits |
|
91,855 |
|
91,855 |
| ||
|
Total assets |
|
$ |
25,770,651 |
|
$ |
24,286,599 |
|
|
|
|
|
|
|
| ||
|
Liabilities and Members’ Equity |
|
|
|
|
| ||
|
Current liabilities: |
|
|
|
|
| ||
|
Accounts payable |
|
1,558,889 |
|
1,134,487 |
| ||
|
Accrued physician fees and other expenses |
|
6,297,882 |
|
7,509,506 |
| ||
|
Accrued payroll |
|
232,732 |
|
472,167 |
| ||
|
Current maturities of long-term debt |
|
1,673,230 |
|
1,673,230 |
| ||
|
Total current liabilities |
|
9,762,733 |
|
10,789,390 |
| ||
|
Long-term debt |
|
883,433 |
|
1,296,026 |
| ||
|
Total liabilities |
|
10,646,166 |
|
12,085,416 |
| ||
|
|
|
|
|
|
| ||
|
Members’ equity |
|
15,124,485 |
|
12,201,183 |
| ||
|
Total liabilities and members’ equity |
|
$ |
25,770,651 |
|
$ |
24,286,599 |
|
PHOENIX PHYSICIANS, LLC
CONDENSED COMBINED STATEMENTS OF OPERATIONS (Unaudited)
|
|
|
Three months ended |
| ||||
|
|
|
2014 |
|
2013 |
| ||
|
Revenue: |
|
|
|
|
| ||
|
Fee-for-service contract revenue |
|
$ |
24,007,171 |
|
$ |
19,688,696 |
|
|
Subsidy income |
|
7,451,002 |
|
7,959,549 |
| ||
|
Other |
|
84,950 |
|
56,315 |
| ||
|
Total revenue |
|
31,543,123 |
|
27,704,560 |
| ||
|
|
|
|
|
|
| ||
|
Direct contract expenses: |
|
|
|
|
| ||
|
Provider fees |
|
23,861,644 |
|
20,980,663 |
| ||
|
Billing expenses |
|
1,828,070 |
|
1,541,555 |
| ||
|
Other direct expenses |
|
579,483 |
|
585,421 |
| ||
|
Total direct contract expenses |
|
26,269,197 |
|
23,107,639 |
| ||
|
|
|
|
|
|
| ||
|
Gross profit |
|
5,273,926 |
|
4,596,921 |
| ||
|
|
|
|
|
|
| ||
|
Selling, general and administrative expenses |
|
2,321,441 |
|
2,058,264 |
| ||
|
Operating income |
|
2,952,485 |
|
2,538,657 |
| ||
|
Interest expense |
|
(29,183 |
) |
(43,352 |
) | ||
|
Net income |
|
$ |
2,923,302 |
|
$ |
2,495,305 |
|
PHOENIX PHYSICIANS, LLC
CONDENSED COMBINED STATEMENTS OF CASH FLOWS (Unaudited)
|
|
|
Three months ended |
| ||||
|
|
|
2014 |
|
2013 |
| ||
|
Cash flows from operating activities |
|
|
|
|
| ||
|
Net income |
|
$ |
2,923,302 |
|
$ |
2,495,305 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
| ||
|
Depreciation and amortization |
|
18,800 |
|
22,657 |
| ||
|
Changes in assets and liabilities (increase) decrease in: |
|
|
|
|
| ||
|
Accounts receivable, net |
|
(880,064 |
) |
(4,450,394 |
) | ||
|
Accounts receivable-subsidy income |
|
(1,742,327 |
) |
2,405,917 |
| ||
|
Receivables from related party |
|
(139,418 |
) |
(65,596 |
) | ||
|
Prepaid expenses and current assets |
|
165,419 |
|
3,657,895 |
| ||
|
Deposits |
|
— |
|
— |
| ||
|
Increase (decrease) in: |
|
|
|
|
| ||
|
Accounts payable |
|
424,402 |
|
(2,711,919 |
) | ||
|
Accrued physician fees and other expenses |
|
1,211,624 |
|
582,347 |
| ||
|
Accrued payroll |
|
(239,435 |
) |
(330,777 |
) | ||
|
Total adjustments |
|
(1,180,999 |
) |
(889,870 |
) | ||
|
Net cash provided by (used in) operating activities |
|
1,742,303 |
|
1,605,435 |
| ||
|
Cash flows from investing activities |
|
|
|
|
| ||
|
Purchases of property and equipment |
|
(28,455 |
) |
(3,563 |
) | ||
|
Net cash (used in) investing activities |
|
(28,455 |
) |
(3,563 |
) | ||
|
Cash flows from financing activities |
|
|
|
|
| ||
|
Distributions to members |
|
— |
|
— |
| ||
|
Borrowings of long-term debt |
|
— |
|
— |
| ||
|
Repayments of long-term debt |
|
(412,593 |
) |
(512,976 |
) | ||
|
Net cash (used in) financing activities |
|
(412,593 |
) |
(512,976 |
) | ||
|
Net increase (decrease) in cash and cash equivalents |
|
1,301,255 |
|
1,088,896 |
| ||
|
Cash and cash equivalents, beginning of year |
|
3,895,850 |
|
2,906,882 |
| ||
|
Cash and cash equivalents, end of year |
|
$ |
5,197,105 |
|
$ |
3,995,778 |
|