Finances reviewed by RCH board
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In a fairly brief meeting for Ringgold County Hospital’s board of trustees, Monday, December 19, the board received financial reports for the last two months of the calendar year from CFO, Missy
Walter, were informed of new hires in the revenue department and heard a presentation outlining the current compliance plan from Beth Houseman.
Debbie Klommhaus has accepted the position of revenue cycle director beginning January 2. Klommhaus, a Mount Ayr resident, comes to the team at RCH from Northwest Medical Center in Albany, Missouri with 12 plus years of experience in this field.
Two additional billers have been added to the revenue cycle department and that department is currently working with a Knoxville team every Tuesday looking at processes and doing more training seeking to improve billing turnaround time and making sure the department can access a more timely financial picture.
Houseman presented to the board a complete look at the compliance plan currently in place for RCH including code of conduct, policies and procedures, reporting systems, response and prevention, leadership and oversight, education and training and monitoring and auditing.
Houseman outline several processes available and used within the compliance program, explained how the compliance program is defined, the penalty for false claims, shared information on the integrity and privacy committee and their role. Additionally Houseman stressed the importance of HIPPA compliance safeguards to be in place, protecting patient privacy and re engineering current work flows to promote better security.
With no financial available to report at the monthly November meeting, Walter included both the October and November financial recap. October showed inpatient revenue over budget by nearly $41K and a good month for outpatient with revenue exceeding budget by nearly $304K. Several departments contributed to the healthy month of revenue, including surgery, lab, x-ray, ultrasound, MRI and mammograms.
It was noted 351 mammograms were performed during the month. Primary and specialty clinic revenue was also over budget by $39K. Overall gross revenue was over budget by $383K with net revenue over by $81K. Net 340B revenue was $15K. Total operating revenue was just under $2.25M for October. On the expense side, salaries and wages we’re under budget by $43K, benefits were $209K less than budget, contract labor was again over budget by $68K, fees were over by $56K and supplies and drugs were under budget by $53K. Total operating expense came out at over $2M, $215K less than budget.
For November, revenue looked a bit different with inpatient revenue over budget by $74K, outpatient revenue over budget by $184K attributed to many of the same departments as October and primary and specialty clinics were again over budget by almost $43K. Overall gross revenue surpassed the budget for November by $302K. Net revenue for the 340B program was just $5K and net revenue was under budget by $209K and total operating revenue was just under $2M for November.
Again on the expense side, salaries and wages came in under budget by $65K, benefits totaled $245K for the month, under budget by $150K.
Contract labor and fees were both over budget, with contract labor over by $48K and fees by $90K. Supplies and drugs were under budget by $55K bringing total operating expenses to just over $2.1M, $150K less than budget for the month. The year to date bottom line at the end of November shows a loss of $804K, which is below budget.
Depreciable assets were put into place in both October and November with ceiling duct work above the operating area hallway in October and the addition of a new shoulder and knee scope to be used in surgery and the second new ambulance put into service in November.
At the close of the agenda, the board adjourned and went into executive session.
