With majority of the existing board of directors reelected, the Catanduanes Doctors Hospital, Inc. (CDHI) is looking forward to a fruitful year following a 55-percent increase in revenue for the first six months of 2024.
Joining current board chairman Iluminada P. Teves and directors Dr. Lubelia M. Sanchez, Dr. Ivan Gil P. Balmadrid, Dr. Elmer T. Tatad, and Atty. Susan U. Ubalde-Ordinario are Shopbox Trading proprietor Ma. Cleofe Laynes, Rapide’ Virac’s Geronimo Tabuzo, Aljon Construction and Development Corporation, Inc.’s Lynette Ang Hung, and Provincial Board Member Dr. Santos Zafe.
They were chosen from among those nominated by stockholders present physically and online during the CDHI General Assembly held last Saturday afternoon, Sept. 21, 2024 at Rakdell Hotel.
In her report, President and Chief Executive Officer Dr. Lubelia M. Sanchez described the current year as “pivotal” in the private hospital’s operations as the increase in the number of patients called for more investments in staff, equipment and other resources.
As the only hospital on the island using Electronic Medical Record (EMR) system for easier and faster transactions, CDHI is set to open its drug testing laboratory upon issuance of its License to Operate by the Department of Health.
Also awaiting the same permit to operate is its blood bank, also the first in Catanduanes, which will be run by the CDHI Foundation.
Corporate Treasurer and Pinoy Lingap Damayan Multipurpose Cooperative (PLDC) General Manager Antonio A. Jimenez, who declined another stint at the board, reported that CDHI’s revenue for 2023 was P34.2 million, a 25% drop compared to the P46 million recorded in 2022.
But the management’s adoption of the accrual basis of recording accounting transactions last year resulted in more accurate results compared to the previous cash basis treatment.
“Anomalies and outdated accounting practices were found and subsequently corrected and effected in 2023,” the annual report stated.
Among the items derecognized as assets or liabilities were P12.9 million in “pre-operating cost,” P28.1 million in doubtful “construction payable” account to Altapil Construction, P7 million in “construction-in-progress” account, and P4.4 million in “advances from officer” account that could not be reliably determined.
After an investigation, capital restructuring was also effected by management, with the move cancelling P56 million worth of shares previously issued through “fraudulent and unsubstantiated” transactions.
With the cost of sales and service running up to P38.3 million, the hospital sustained a negative gross profit of P4.1 million which when added to the total operating expenses of P39.1 million resulted to a net loss of P43.2 million for 2023.
CDHI incurred a substantial amount of finance cost, P18.3 million this year, due to the debt restructuring agreement with the Development Bank of the Philippines.
The outlook for the hospital this year, however, is rosy, Treasurer Jimenez pointed out, with January-to-June 2024 revenue of P54.3 million eclipsing the P35 million recorded last year.
Gross profit for the same period rose 80 percent to P18 million, even after management invested P14.5 million in the resupply of its pharmacy to ensure availability of drugs and medicines.
Still, the P9 million financing cost for the bank loan led to a net loss of P9.1 million for the first half of 2024.
Medical Director and Chief Operating Officer Dr. Ivan Gil P. Balmadrid backed up the promising figures with solid statistics of the hospital’s performance for 2023.
CDHI’s bed occupancy rate climbed to 51 percent, compared to 31 percent last year, zooming up to as high as 77 percent this July, he said.
“Laging puno ang private ward,” Dr. Balmadrid stated, adding that in-patient bed days nearly doubled from 564 last year to about 931 in 2023.
Laboratory procedures made a big improvement at 62 percent, from a monthly average of 1,574 tests in 2022 to 3,701 procedures last year.
Radiologic procedures registered a 93 percent increase from 253 monthly average to 886 tests in 2023, with the figure projected to increase in 2024 as ultrasound services are now available.
On the other hand, CDHI’s operation room has never been busier, with procedures surging from a sleepy 1-2 per week to 3-4 daily this year, the COO reported
In 2023, it had a monthly average of 41 surgeries, up by 32 percent from the previous 21, the report said.
The hospital’s Renal Dialysis Unit’s performance dipped to 199 sessions monthly in 2023, partly due to the opening of a new government-run hemodialysis service.
However, Dr. Balmadrid emphasized, CDHI is back on track this 2024, averaging 285 dialysis sessions every month, thanks to its acquisition of the existing five dialysis machines from Fresenius and the procurement of two more machines using its own resources,
Among other equipment the hospital acquired recently through purchase and donation are a neonatal ventilator, upgraded DR system X-ray, defibrillators, anesthesia machine, infant warmer, tocometer, ultrasound probes, an Automatic Transfer Switch for the generator, TVs, and airconditioning units, with brand-new dental equipment brought in to replace an old set.
Management also undertook facility improvements: renovating private rooms and the CDHI chapel; setting up 2 fully equipped operating rooms, a state-of-the-art dental clinic, physical medicine and rehabilitation clinic; installation of signages and wayfinding; and hauling of hazardous waste by an accredited hauler.
In addition to the continuous hiring of nurses due to fast turnover, the hospital hired a physical therapist, respiratory therapist, social worker and 2 medical technologists.
Dr. Balmadrid said clients going to its OutPatient Department (OPD) have increased to 20 or more daily, compared to 16 last year, necessitating the hiring of a physician on a permanent basis.
It also has a complement of specialists and consultants, including nephrologist Dr. Edgar Remonte Jr., urologist Dr. Rosito Bascuña, radiologist and sonologist Dr. Zeis Zafe-Talaran, OB-Gyne and Ancillary Services in-charge Dr. Jay-Ar T. Sorreda, orthopedic surgeon Dr. Michael Valderrama, an ENT specialist, and several surgeons including some employed by other hospitals who work at CDHI during their off-duty hours.
In her closing remarks, Board Chairman Iluminada P. Teves expressed gratitude to all shareholders, customers, financial institutions, government and private agencies, and its business partners for their trust and support.
She singled out the support for the hospital’s quality medical services and Zero Billing System provided by Deputy Majority Leader Cong. Jose “Bong” Teves Jr. of TGP Partylist, House Appropriations Committee Chairman Cong. Zaldy Co of Ako Bicol Partylist, District Rep. Eulogio Rodriguez and senators who provided funding for the Bagong Pilipinas Medical Assistance for Indigent and Financially Incapacitated Patients Program (MAIFIPP).
During the Hiras CDHI Gala Night at the same venue, Baras Mayor Jose Paolo Teves III administered the oath of office to the new members of the hospital’s board of directors.