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Hospital Operating Loss for FY2020 was $17.6 million, total loss $783,000

Tuesday, October 20, 2020, 2:05 pm News Flash Archive

Today, the Greenwood Leflore Hospital Board of Trustees held its regular monthly meeting.

According to the financial report provided by CFO Dawne Holmes, the Hospital had an overall operating loss of $689,000 in September. The fiscal year ended September 30, 2020, and the annual operating loss totaled $17.6 million.

For the entire fiscal year, operating revenue is down $10.9 million from $108.8 million in 2019 to $97.9 million this year. Expenses, however, have dropped only $400,000 during the fiscal year, from $115.9 million in 2019 to $115.5 million in 2020.

The Hospital has received COVID CARES Act grants of around $22.9 million, along with a short term loan against future Medicare payments of $16.5 million. In addition, GLH received $1.7 million in funds from the Mississippi legislature in August, some of which went to employees.

The Hospital has applied $16.2 million of the grant money against its operating loss for the fiscal year, leaving it with an overall loss of $783,000 for the fiscal year. For the month of September, including use of $661,000 in grant money, the hospital had an overall loss of $29,000.

The Board went into executive session and excluded the media and the public for 27 minutes.

The Board meeting may be viewed here:
GLH Hospital Board Meeting of October 20, 2020

For complete coverage of these and other hospital milestones, please go here: Taxpayers Channel coverage of Greenwood Leflore Hospital's downfall.

John Pittman Hey
The Taxpayers Channel

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