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 operating loss of $3.22 million in May.
However, the Hospital posted a lower overall loss for May of $2.61 million, by drawing down $595,809 in CARES ACT and other grant money being held in reserve to offset the large operating loss.
The cash and cash equivalents burn for May was $2.8 million.
The amount of CARES ACT and other grant money still held in reserve is $1.1 million, which must be applied to offset COVID-19 losses. An extension has been given for spending the rest of this grant money past the original June 2021 deadline.
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 May, GLH has paid back almost $700,000.
The Board received a report on the 2020 audit of the pension program.
The Board went into executive session and excluded the media and the public for 99 minutes.