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Hospital operating loss of $16.9 million so far this year

Tuesday, September 15, 2020, 2:50 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 $1.0 million in August. So far this fiscal year, the operating loss has totaled $16.9 million.

For the first 11 months of the current fiscal year, total revenue is down $11.1 million from $100.5 million in 2019 to $89.4 million this year. Expenses, however, have dropped only $1 million during the same period, from $107.3 million in 2019 to $106.3 million so far in 2020.

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.

In addition, Dawne Holmes reported the receipt of $1.7 million in funds from the Mississippi legislature in August, some of which went to employees.

The Hospital has applied $15.5 million of the grant money against its operating loss, leaving it with an overall loss of $755,000 for the fiscal year. This August, including use of $1.5 million in grant money, the hospital had an overall profit of $506,000.

The Board went into executive session and excluded the media and the public for 52 minutes. One of the items for secret discussion was an open administrative position. When asked, Board Attorney Tom Flanagan refused to disclose what position is involved.

Interim CEO Gary Marchand is widely expected to leave his position in two or three months. The Hospital Board has been secretly interviewing candidates for his replacement.

The Board meeting may be viewed here:
GLH Hospital Board Meeting of September 15, 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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