Hospital board hears of improved financials
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Ringgold County Hospital’s board of trustees met Monday, September 25 for a fairly brief meeting. Missy Walter, CFO reported a “good month for August” stating, “it is nice to be in the black.”
On the revenue side, inpatient revenue came in ahead of budget by $50K, outpatient revenue was ahead by $137K and clinic revenue was ahead by $38K. Other revenue for the month was very close to budget with 340B income picking up due to choosing HyVee Pharmacy as the contract pharmacy of choice. August revenue from the 340B program netted $48,665.
On the expense side, salary, wages and benefits were all over budget for the month. Walter explained RCH has received quite a few resignations on the nursing floor and are having to pay premium dollars to get shifts covered.
Due to these staffing shortages, salary and wages are expected to continue to exceed budget in the near future.
Supplies and drugs were $77K under budget. The purchasing department headed by Kristy Moffitt, along with director of operations, Rhett Murphy have been focusing on supply evaluation. They are looking to consolidate supplies between departments to cut supply expense. Other expense accounts were all mostly in line with the budget, finishing off the month with a positive bottom line of $44,872.
Nicky Gilbertson, CFO shared miscellaneous information with the board.
In August she attended a conference hosted by Hometown Health, an organization that collectively pursues ways to help small healthcare facilities stay successful. Topics discussed were pertinent to RCH and included both an operational and clinical component.
Gilbertson stated they are looking to bring back opthalmology care to the visiting physicians clinic. More information will be shared at a later date.
New tablets will be given to board members to use at board meetings and to access emails and for other correspondence related to their role as board members. This is expected to simplify communication and streamline flow of information.
Concluding the regular board meeting a nomination was made to fill an unexpired board seat. With the resignation of board member, Eddie Daily, Chris Eaton’s name was brought to the board as a candidate to fill Daily’s unexpired term. The board unanimously approved the nomination of Eaton. The board then retired into a closed session citing: 21:5L to discuss proprietary information.
