Tuesday, August 20, 2019, 4:00 pm
News Flash Archive
The Hospital posted a net loss of $733,336 for July 2019, slightly less than the loss of $758,006 for July 2018. The total losses for this fiscal year so far are $5.96 million.
The cash balance increased by $262,101 for the month of July, to $23.78 million. This is still just over $2 million lower than the cash balance at the beginning of the fiscal year, which was $25.82 million.
The net patient revenue for July 2019 rose by $1.25 million over June 2019, but so far for the fiscal year, net patient revenue has fallen by almost $3 million compared to the same period in 2018.
The hospital is projecting a net loss of $6.8 million by the end of September 2019, the end of the fiscal year. A total decline of $2.7 million in cash and cash equivalents is projected for the end of the current fiscal year.
At a special called meeting the previous Thursday, in executive session, the Board fired Subho Basu as interim CEO. No explanation has been given.
Board of Trustee member Freddie White-Johnson resigned as vice-chairman of the Board, though she remains a member. The Board elected Marcus Banks as vice-chairman in her place.
The Board affirmed the award of the contract for repairs to the cooling towers to Acy Mechanical in the amount of $1,000,600.
In a discussion of budgeted revenue for the upcoming year, concerns were expressed that revenue might not rise as has been projected, since it actually has continued to decline during this fiscal year. Various suggestions were made regarding recruiting more patients.
Freddie White-Johnson brought up the holding unit for mental patients. Hospital CFO Dawne Holmes stated that the hospital does not receive any money for these patients, and that the county refuses to pay for them, even though they are committed under court order. The hospital also has to pay a sitter to sit with these patients continuously, because of their mental condition. Ms. White-Johnson commented that these patients are a security risk to the other patients. She related several instances of assaults by mental patients that have taken place.
The Board went into executive session and excluded the public and media for 44 minutes.
The Board of Trustees meeting may be viewed here:
Hospital Board of Trustees Meeting, August 20, 2019
John Pittman Hey
The Taxpayers Channel
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