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     News Flash    Wednesday, October 20, 2021
 
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GLH monthly loss rose to $1.9 million in August, cash burn $1.35 million

Tuesday, September 21, 2021, 4:21 pm News Flash Archive

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

Members of the Greenwood City Council and Leflore County Board of Supervisors also attended the meeting. GLH is owned jointly by the city and county.

According to the financial report provided by Mrs. Dawne Holmes, the Hospital had an overall loss of $1.9 million in August.

The cash and cash equivalents burn for August was $1.35 million. The usable cash reserves, after netting out the Medicare short term loan which must be paid back, is $13.6 million.

The overall loss for the first eleven months of fiscal year 2021 is $13.2 million, compared to $755,000 for the same period last year.

The Medicare advanced payment of $16.5 million, which the Hospital has not dipped into, is now being paid back. As of the end of August, GLH has paid it down to $14.1 million. The payback rate will double in Spring 2022.

Board member Tracy Shelton asked for a discussion of the hospital's future due to concerns expressed by the public.

CEO Jason Studley described short term and medium term planning that is taking place. He pointed out that COVID restrictions recently reimposed by state health officials cut into the hospital's revenue due to the stoppage of various non-emergency services.

Studley also stated that no lay-offs are planned at this time.

The Board went into executive session and excluded the media and the public for 118 minutes. The city council members and supervisors were allowed to stay in the meeting to discuss their concerns in secret with the Hospital trustees. Afterward, no information about their secret discussion was provided.

The Board of Trustees meeting may be viewed here: GLH Board Meeting, September 21, 2021

John Pittman Hey
The Taxpayers Channel

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