Memorial Hospital reports loss for April as patient volume is low
Published 6:02 pm Friday, May 19, 2017
Memorial Hospital and Manor Authority members at their May meeting reviewed the financial report for the month of April that showed a loss of $257,456. Treasurer Rusty Davis and CFO Gregg Majors explained it was basically a result of low patient volume for the month. Majors commented it pointed out the need for more physician recruitment, as patient volume is directly tied to physician referrals. He also commented that the physician offices have made great strides recently in their collections.
Chairperson Glennie Bench asked the board to approve the hospital obtaining a $220,000 line of credit with First State Bank, to assure the ability to timely make the severance payments, as agreed, to former CEO Billy Walker. It was approved.
Three capital equipment purchases were approved.
Email newsletter signup
1.Two Beckman Coulter Hematology System analyzers replacing two older, outmoded machines. Total cost $112,00.
2. A Unicel DXl Immunoassay analysis to accommodate the lab’s growing patient volumes. Total five year costs $239.932.
3. Four Phoroptor refracting instruments used for eye exams, replacing the machines at Bainbridge Ophtalmology, at a total five-year cost of $23,085.
Capital improvements approved were a boiler steam valve for $6,805, and $25,400 for exterior window replacements. The window replacements are being completed on a schedule of eight windows every other month.
Two software packages totaling, $75,700 were approved for use in Lab Outreach and Radiology.
Bench noted that the hospital had an opportunity, as well as an obligation to use and document the bond money used for all of the above capital improvements. She said the projected capital improvement expenses for year one were budgeted at $1,180,600.
Majors gave an update that included a recent celebration of service awards to employees, indicating many had been employed over 20 years, while one was for 50 years.
He indicated the search for a new CEO should take anywhere from three to six months, that they are currently interviewing search firms.
Majors also reported on the status of several hospital grants that are in process and discussed the tax credit law recently enacted that raised the credit to 90 percent .
Hospital Chief of Staff, Dr. Aric Aldridge, reported on the meeting held recently with the medical staff, which he described as a good meeting. They discussed their intent to work on updating their technology needs and developing credentials and meaningful peer review.