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Hospital trims total losses to $1.3 million for the fiscal year

Tuesday, August 18, 2020, 7:00 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 operating loss of $149,000 in July. So far this fiscal year, the operating loss has totaled $15.9 million.

However, the Hospital has received COVID CARES Act grants totaling $22.9 million, along with a short term loan against future Medicare payments of $16.5 million.

The Hospital has applied $14.6 million of the grant money against its operating loss, leaving it with an overall loss of $1.3 million for the fiscal year. This month, including use of $570,000 in grant money, the hospital had an overall profit of $510,000.

As of end of July, according to Holmes, cash equivalents are $52.7 million, including the $16.5 million that must be repaid to Medicare.

The Board went into executive session and excluded the media and the public for 54 minutes.

The Board meeting may be viewed here:
GLH Hospital Board Meeting of August 18, 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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