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Hospital in the black due to huge COVID CARES Act grants

Tuesday, July 21, 2020, 4:15 pm News Flash Archive

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

According to the financial report provided by CFO Dawne Holmes, the Hospital had an overall net gain of $2.2 million in June, due to receipt of $4.8 million in CARES ACT grants during the same month.

However, expenses of $9.4 million exceeded operating revenue of $6.8 million for the month of June, leaving an operating loss of $2.6 million for June.

Taking into account a total of $13.5 million in COVID-19 CARES Act funding received so far, the Hospital has lost $1.8 million for the current fiscal year, down from $5.2 million for the same time period in 2019.

The cash equivalents on hand have ballooned to $52.5 million, compared to $21.9 million at the same time last year. Much of the increase in cash comes from pre-payment of $16 million of projected Medicare revenue by the federal government, which will have to be repaid shortly by the hospital. Therefore, deferred revenue and short term liabilities of $25.9 million have been included in the balance sheet.

The Board voted to approve a resolution from the medical staff honoring Dr. John Fair Lucas, Jr. and naming the surgical suite in his honor.

The Board went into executive session and excluded the media and the public for 46 minutes.

The Board meeting may be viewed here:
GLH Hospital Board Meeting of July 21, 2020

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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