Tuesday, July 18, 2023, 4:27 pm News Flash Archive

The Greenwood Leflore Hospital Board of Trustees held its regular monthly meeting today.

According to the financial report given by Mrs. Dawne Holmes, the Hospital had an overall loss of $1.42 million in June.

For the first nine months of the fiscal year, the overall loss totals $8.73 million, even after including grants and gifts from the city and county totaling just over $4 million.

Total revenue was $4.75 million, while costs were $6.18 million.

At the end of June, the cash and equivalents were $3.58 million. Of the cash left, $2.10 million cannot be touched legally because it is in trust to cover the malpractice insurance. That would mean that in reality, at the end of June, there was $1.48 million in cash on hand available to spend.

As of the end of June, the hospital still owes Medicare $4.81 million. The Medicare loan is being paid down at around $100,000 per month.

The hospital will have to repay $688,000 back to Medicaid, due to a redesign of the DSH (disproportionate share hospital) bonus payment scheme, which caused Medicaid to overpay the hospital previously. The money is being taken out of future Medicaid payments. This will be spread out over 12 to 15 weeks.

The first tranche of $3.2 million from the line of credit of $10 million (obtained by Leflore County) was received in July, so it is not reflected in the June financial report. It is to be used to make payroll.

The application to the state for GLH's share of the $107 million Mississippi Hospital Sustainability Grant program has been filed. The hospital appears to be qualified for up to $927,000, but it is unknown whether it will receive some or all of that capped amount. Payments are expected to be issued in September by the state.

The board then went into executive session, with the public and the press excluded for 56 minutes.

During the executive session, the Critical Access Hospital application to CMS was discussed, but no information was made available about that discussion.

The Board of Trustees meeting may be viewed here: GLH Board Meeting, July 18, 2023

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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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