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by Brenda Grose
The final month financial report for fiscal year 2022 and the appointment of a new board member led topic discussion at a fairly brief regular monthly meeting of Ringgold County Hospital’s Board of Trustees, Monday, July 25.
In the preliminary financial report presented by chief financial officer Missy Walter, several areas of revenue were under-budget for the month.
Inpatient revenue was under by $96K, outpatient under by $7K, and primary and specialty clinics were under by $16K. Gross revenue numbers finished the month under-budget by $120K. Net revenue was also under-budget by $54K which included $10.8K of 340B income with year-to-date net figures totaling nearly $556K under-budget.
Walter noted fewer patient visits in all areas as explanation for the lower than anticipated numbers.
Additionally, $43K of stimulus funds were recognized and a loss recorded of $24,150 on the sale of Legacy Hills lots 1, 3, 4 and 5.
The total operating revenue was $1.9M for the month, bringing the YTD operating revenue $1.2M under-budget.
On the expense side, salaries and wages were below budget by $27K, benefits totaled negative $992K due to a year-end IPERS adjustment and pension expense was reduced by $878K for the employer share of IPERS contributions and by another $335K due to the large swing in IPERS deferred inflows.
Over-budget expenses included contract labor over by $67K and supplies and drugs over by $22K. The total operating expenses were over-budget by $947K—$1.2M less than budgeted due to the IPERS adjustment. Depreciation and interest added back $204,439 to the bottom line for the month of June and the YTD bottom line showed a gain with a figure of $545K, which is above budget. Net accounts receivable increased by $48K but self pay balances decreased by $13K.
Amy Mobley, CNO reported the continuation of clinical partnership with Southwestern Community College for LPN and RN nursing students. Sarah Musgrove will be the instructor for RNs and Shaley Sickels for LPNs for the fall group of students.
The newly reorganized service excellence group (SEC) is working to increase outreach across the community with several different ideas for the coming months.
Mobley also reported the Rehab department now utilizes “direct access” so patients may initiate therapy services without a referral from their provider.
In additional news, Rhett Murphy, Director of Support Services, received his “Certified Healthcare Financial Professional” certification and with the resignation of longtime board member Vickie Sickels, the board voted to approve Kim Bishop to fill the remainder of Sickels’ term.