FINANCIAL STATEMENTS

Statements of Operations
Years Ended December 31, 2024 and 2023
(STATED IN THOUSANDS OF DOLLARS)
     
Revenue 2024 2023
Health plan capitation revenue 697,450 632,946
Health plan and other revenue 128,742 118,856
Investment income (loss), net 4,957 9,068
Total revenue 831,149 760,870
Expenses for physician and other contracted services 656,849 579,235
     
Administrative and Other Expenses
Salaries and benefits 102,688 94,361
Physician administrative services 2,103 2,127
Software maintenance and support 20,790 18,963
Other purchased services 17,554 17,605
Rent 3,944 3,894
Depreciation and amortization 14,946 14,475
Other 5,840 5,355
Total administrative and other expenses 167,865 156,780
Net Income Before Income Taxes 6,435 24,855
Income Taxes 1,463 6,959
Net Income (Loss) Attributable to Noncontrolling Interest 133 275
Net Income $ 4,839 $17,621
Balance Sheets
December 31, 2024 and 2023
(STATED IN THOUSANDS OF DOLLARS)
     
Assets 2024 2023
     
Current Assets
Cash 221,978 204,496
Accounts receivables 27,288 25,367
Prepaid expenses and other 8,535 10,612
Total current assets 257,801 240,475
Property and equipment 27,336 39,837
Other 24,926 29,668
Total Assets $310,063 $309,980
Liabilities and Shareholders’ Equity
     
Current Liabilities
Claims payable 77,552 76,421
Performance compensation payable 22,475 22,617
Other current liabilities 34,136 32,740
Total Current Liabilities 134,163 131,778
     
Long-term Liabilities 11,261 18,546
Total Liabilities 145,424 150,324
Shareholders’ Equity
Common stock and paid-in capital 246 235
Retained earnings 159,208 154,369
Total shareholders’ Equity Attributable to Hill Physicians 159,454 154,604
Noncontrolling interest 5,185 5,052
Total Shareholders’ Equity 164,639 159,656
Total Liabilities and Shareholders’ Equity $310,063 $309,980
Board and Committee Members
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