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Hospital lost $189,956 in October

Tuesday, November 19, 2019, 5:40 pm News Flash Archive

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

According to the financial statement released to the press mid-afternoon, the Hospital had a net operating loss of $253,795 last month, but with investment income of $63,839, the overall net loss narrowed to $189,956 in October.

October's net loss compares to a $1.9 million net loss in September, and net loss of $320,077 for October 2018.

The cash balance and equivalents sank by $1.8 million during October to $22.5 million.

The Board meeting may be viewed here:
GLH Hospital Board Meeting of November 19, 2019

Interim CEO Gary Marchand explained to the Board that the Hospital had not completed the Leapfrog survey because none of the information had changed. Consequently, Leapfrog reported that the Hospital had "declined" to participate. Marchand said that teams have now been assigned to complete the survey for next Spring and get it in to Leapfrog by the deadline of November 30.

Hospital Board Chairman Ricky Powers announced that the Hospital would no longer be distributing copies of the monthly financial statement, making it difficult to determine whether the hospital broke even or lost money in October.

Greenwood Commonwealth editor and publisher Tim Kalich objected, stating that the report contains information that the public needs to know. Board attorney Tom Flanagan said that he did not know whether the report is public record or not, and will have to research the question. Mr. Kalich requested that Mr. Flanagan either authorize release of the report, or provide a legal explanation why it is not public record.

The Taxpayers Channel also requested the monthly financial statement, and requested Mr. Flanagan's explanation why it wasn't being provided.

Shortly after our request, Interim CEO Gary Marchand informed us that "we have resolved the confusion over the financial statements." The financial statements were provided to us about 2 hours after the meeting adjourned.

The Board went into executive session and excluded the public and media for 47 minutes.

For complete coverage of these and other hospital milestones, please go here: Taxpayers Channel coverage of Greenwood Leflore Hospital's downfall.

John Pittman Hey
The Taxpayers Channel

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