Hospital posts a loss for May
Published 4:40 pm Friday, June 19, 2009
Memorial Hospital and Manor posted a loss for the second consecutive month, showing a loss of $254,949 for the month of May.
At the monthly meeting of Hospital Authority on Tuesday, CEO Jim Peak provided the financial committee with an overview of the hospital’s financial key indicators. He noted that the hospital’s gross patient revenue was down $326,180, decreasing from $6,643,609 reported in April to $6,317,429 in May.
The hospital has shown a current year-to-date loss of $357,507 and a last year-to-date loss of $593,148.
Peak pointed out that the hospital received $178,251 from the Indigent Care Trust Fund (ICTF) in May and has been informed they will receive approximately $130,000 in additional ICTF funding due to a state-made error. ICTF was established through the Georgia Department of Health to expand Medicaid eligibility and services in support of rural health care providers.
Peak gave a brief overview of the progress being made by the MedAssets company, which will handle a number of financial processes at the hospital and is anticipated to increase revenue acquisition by an estimated $4 million over the next five years. Peak said the hospital has already seen an 11 percent increase in cash collections over the first two months with the company.
The authority approved a request from families of two long-time residents at Willow Ridge assisted living facility to wave an additional rate increase for “more immediate care.” The increase was on top of room rate increase, both of which were approved by the authority in their April meeting. The authority voted to wave the additional rate increase for a period of six months, at which time they will consider whether to wave the increase for an additional six months.
Peak also provided an update from the buildings and grounds committee. He said the replacement of siding and painting of two outbuildings at the hospital had taken place and the hospital is still awaiting drawings and specifications for an upgrade to current medical gas delivery machinery used in surgery.
Peak informed authority member that a called meeting may need to take place in June or July to approve the replacement of the hospital’s original main air fan and air handling ductwork. The repairs will take approximately 10 days, during which time the surgery department will have to be completely closed. He said the logistics of the closure during the renovation are being worked out.
The hospital authority approved the purchase of six new computers for the hospital at a cost of $47,053.98.
Assistant Administrator Lee Harris gave the Management Information Systems Department’s recommendation to purchase the computer. He said the replacement is part of an ongoing monthly upgrade to replace 54 of the hospital’s 400 computers during the fiscal year.
Harris explained that the upgrade computers have new capabilities and are in accordance with mandated regulatory changes including Medicaid, Medicare, etc.
The computers will purchased through Dell Computers out of Austin, Texas, and are OptiPlex 760, Core 2 Duo.