Tuesday, October 19, 2021, 3:26 pm News Flash Archive

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

According to the financial report provided by Mrs. Dawne Holmes, the Hospital had an overall loss of $1.2 million in September, somewhat less than the $1.9 million loss of August.

The overall loss for the fiscal year 2021, which just ended, is $14.4 million, compared to $2.5 million for fiscal year 2020.

Net patient revenue was down from $9.4 million for September 2020 to $8.3 million for September 2021. Expenses rose from $9.3 million in September 2020 to $9.8 million in September 2021.

The cash and cash equivalents burn for September was $3.7 million. The usable cash reserves, after netting out the Medicare short term loan which must be paid back, is $11 million.

According to Holmes, the cash burn in September was high because there were three payroll periods ending in the month.

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 September, GLH has paid it down to $13.5 million. The payback rate will double in Spring 2022.

The auditors will come in November and finalize the operation numbers for FY 2021.

The Board went into executive session and excluded the media and the public for 72 minutes.

The Board of Trustees meeting may be viewed here: GLH Board Meeting, October 19, 2021

John Pittman Hey
The Taxpayers Channel

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