Calculate Days Cash on Hand separately (a) using current asset accounts only and (b) including long-term investments and assets limited as to use, do you think that Henry Ford Health System has the liquidity to pay their bills?

Henry Ford Health System 2012 System Report

CONSOLIDATED BALANCE SHEETS

December 31, 2012 and 2011 (In Thousands) 2012 2011

ASSETS

Current Assets:

Cash and cash equivalents 266,960 226,068

Cash and cash equivalents (HAP) 209,028 118,010

Short-term investments 16,211 14,261

Net Patient care receivables 174,534 195,592

Health care premium receivables (HAP) 43,020 50,479

Other current assets 208,312 175,351

Total Current Assets 918,065 779,761

LONG-TERM INVESTMENTS 343,112 460,767

ASSETS LIMITED AS TO USE 608,390 470,480

ASSETS LIMITED AS TO USE (HAP) 249,842 329,399

JOINT VENTURES AND OTHER ASSETS 116,726 100,628

PROPERTY, PLANT AND EQUIPMENT 2,815,104 2,628,995

(Accumulated Depreciation) (1,596,587) (1,467,043)

NET PROPERTY, PLANT AND EQUIPMENT 1,218,517 1,161,952

TOTAL ASSETS 3,454,652 3,302,987

LIABILITIES AND NET ASSETS

Current Liabilities 430,943 374,483

Current Liabilities (HAP) 270,435 259,328

Long-Term Debt 817,971 827,923

Other Long-Term Liabilities 497,828 481,157

TOTAL LIABILITIES 2,017,177 1,942,891

NET ASSETS 1,206,020 1,121,536

NET ASSETS (HAP) 231,455 238,560

TOTAL LIABILITIES AND NET ASSETS 3,454,652 3,302,987

CONSOLIDATED STATEMENT OF OPERATIONS

December 31, 2012 and 2011 (In Thousands) 2012 2011

UNRESTRICTED REVENUE

Patient service revenue 2,224,038 2,115,846

(Provision for uncompensated services) (158,729) (147,992)

Net patient service revenue 2,065,309 1,967,854

Health care premiums (HAP) 1,875,087 1,791,335

Investment income 66,150 26,186

Other income 456,943 189,051

Total Unrestricted Revenue 4,463,489 3,974,426

EXPENSES

Salaries, wages, and employee benefits 1,356,884 1,299,574

Salaries, wages, and employee benefits (HAP) 145,758 140,379

Healthcare provider expense (HAP) 1,380,862 1,398,888

Supplies and other expenses 1,036,860 693,106

Supplies and other expenses(HAP) 326,634 228,289

Depreciation and amortization 168,568 145,278

Total Expenses 4,415,566 3,905,514

EXCESS OF REVENUE OVER EXPENSES 26,090 45,133

EXCESS OF REVENUE OVER EXPENSES (HAP) 21,833 23,779

UNUSUAL ITEMS 7,425 (4,263)

EXCESS OF REVENUE OVER EXPENSES 55,348 64,649