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Hospital Loses $1.5 Million in June

Tuesday, July 16, 2019, 4:15 pm News Flash Archive

Greenwood Leflore Hospital lost $1.53 million in June, $590,000 more than the losses of $942,000 in June 2018.

For the first nine months of this fiscal year, the Hospital has lost $5.2 million. This is an improvement on the losses this time last year of $6.1 million.

On the bright side, cash and equivalents on hand rose $131,000 to $23.52 million since last month. This figure is still below the cash and equivalents on hand at the beginning of the fiscal year of $25.82 million.

So far this fiscal year, net revenue is down by $2.8 million compared to last year. June's net revenue dropped by $1.4 million compared to May's revenue.

According to the financial report provided by interim CEO Subho Basu, this drop in patient revenue is attributed to a lower number of physicians on duty at the hospital compared to last year.

The Taxpayers Channel previously reported that the Hospital had fired 5 physicians, and lost nine more in the past two years due to retirements and poor management by the Hospital Board. See our coverage here:
Hemorrhage of Hospital Doctors Continues
Another Doctor Leaving Greenwood Leflore Hospital

Expenses so far this fiscal year have been cut $3.53 million over expenses in the prior fiscal year.

The Trustees voted to approve the financial report by a vote of 3-2, with Freddie White-Johnson and Emma Bell voting against approval.

A dispute arose near the meeting's beginning between trustees about whether the Board of Trustees should open bids, or if the administration can continue to open them at the announced time and place in a public meeting. No vote was taken to make any changes to the current method of handling bid openings.

The Agenda had to be amended to add an update on the hospital's marketing plans. At present, there is no advertising taking place. A marketing firm is collecting information to put a plan together.

The Board went into executive session and excluded the public and media for 38 minutes.

The Board of Trustees meeting can be seen here: Hospital Board Meeting, 7/16/2019.

John Pittman Hey
The Taxpayers Channel

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