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February's ice and snow push Hospital monthly operating loss to $2.83 million

Tuesday, March 16, 2021, 3:20 pm News Flash Archive

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

The Board voted to renew the lease for the Greenwood Leflore Foot Center facility.

According to the financial report provided by Mrs. Dawne Holmes, the Hospital had an overall operating loss of $2.83 million in February, up from $1.60 million in January. The sharp increase in loss was attributed in large part to the drop in patient service revenue, brought on by February being a short month, and the severe ice and snow situation that shut down most of Leflore County for several days.

However, the Hospital posted a lower overall loss for February of $955,341, by drawing down $1.91 million in CARES ACT and other grant money being held in reserve to offset the large operating loss.

The cash and cash equivalents burn for February was $2.72 million.

The amount of CARES ACT and other grant money still held in reserve is $3.13 million, which must be applied to offset COVID-19 losses by June 2021.

The Medicare advanced payment of $16.5 million, which the Hospital has not dipped into, will be payed back to CMS starting in April 2021.

The Board went into executive session and excluded the media and the public for 59 minutes.

The Board of Trustees meeting may be viewed here: GLH Board Meeting, March 16, 2021

John Pittman Hey
The Taxpayers Channel

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