JP primary hospital posts 11% net surplus

By ALFREDO P HERNANDEZ

THE Jose Panganiban Primary Hospital Service Cooperative (JPPHSC) posted 11.11% increase in net surplus last year.

This was revealed in the cooperative’s statement of operation dated December 31, 2012.

“The minimal increase in income of 11.11%, or P100,000, was the result of operation for the year 2012,” according to the management in an accompanying statement.

JPPHSC generated a net surplus of P1 million last year as against the P900,000 realized at the end of 2011.

The total revenue as of the end of last year was P11.6 million, up P3.16 million, or 37%, from the previous year’s only P8.44 million.

Total revenues during the year were generated from sales of medicines (P5.44 million); income from services (P5.99 million) and from other income consisting of interest income from investment and bank deposits (P50,193); membership fees (P1,950); and miscellaneous income (128,950).

Total administrative costs amounted to P7.96 million last year versus P6.48 million in 2011.

The 2012 net surplus before appropriations was P3.66 million compared to the previous year’s only P1.96 million.

The statement showed that a total of P2.67 million was appropriated for the following: Co-op Guarantee Fund (1% of gross revenue), retirement fund; roofing of main building, equipment acquisition, second floor expansion, general assembly expense, health and benefits of the board of directors and other officers and repairs and improvements.

The statement said that the P1 million surplus was allocated to the reserved fund (P100,000); co-op education and training fund (P100,000); land and building fund (P70,000); community development fund (30,000); and interest on share capital (P700,000).

During the year in review, the co-op’s administrative costs jumped 22.5% to P7.96 million from the previous year’s figure of only P6.5 million.

The report noted that salaries and wages for the year amounted to P3.54 million as against the previous year’s figure of only P2.9 million. 

Salaries and wages jumped 22% during the year in review, cornering 44% of the period’s administrative costs.

The report noted that the cooperative appropriated funds for the purchase of hospital equipment, for repairs and improvements of  hospital facilities, provision for additional power need for the projected increase in operation, provision for retirement fund and general assembly expenses from the surplus not appropriated.

Cash balance at the end of 2012 was at P6.3 million, up 81% from the previous year’s figure of P3.5 million.

The cooperative is tax-free and is also exempted in the payment of other taxes. 

A substantial portion of the net surplus is returned to members in the form of interest on share capital and patronage refunds.

As of the end of 2012, the co-op had a 554 members, up 39 from the previous year, not only from Mambulao but also Paracale, Capalonga, Daet and Polilio Island in Quezon province.

The co-op has 42 employees led by three physicians and one head nurse.