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GLH losses for July total $2.12 million; Board re-hires Gary Marchand as interim CEO

Tuesday, August 16, 2022, 3:01 pm News Flash Archive

The Greenwood Leflore Hospital Board of Trustees held its regular monthly meeting today. The meeting was moved to The Alluvian due to the sewer problems which have largely shut down the hospital since yesterday morning. See our previous reporting here: Greenwood Leflore Hospital transferring its patients out due to sewage line issues

According to the financial report provided by Mrs. Dawne Holmes, the Hospital had an overall loss of $2.12 million in July. Operating expenses were $8.59 million, while operating revenue was $6.41 million.

At the end of July, the usable cash reserves, after netting out the deferred revenue and the Medicare short term loan which must be paid back, are $3.26 million. The net cash burn for July was $428,000.

However, it turns out that all of the $3.26 million of the remaining cash is already committed for other purposes: $2.7 million is reserved for the self-insured malpractice trust, while $748,000 is held in a CD as security interest on the cooling tower loan. This leaves a deficit of $188,000.

According to Mrs. Holmes, this means that GLH is now operating out of the $6.98 million that is reserved for repayment of the Medicare short-term loan.

The board went into executive session, with the public and press excluded for 68 minutes.

During the executive session, the Board re-hired Gary Marchand to serve as interim CEO. Mr. Marchand previously served in the same capacity from late 2019 to October 2020. The most recent CEO, Jason Studley, abruptly left in July of this year. See our previous reporting here: Greenwood Leflore Hospital CEO Jason Studley abruptly resigns

The Board of Trustees meeting may be viewed here: GLH Board Meeting, August 16, 2022

To review our reporting on GLH and its financial woes, please see here: Index of Greenwood Leflore Hospital news articles

John Pittman Hey
The Taxpayers Channel

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