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GLH losses for June total $1.65 million; total usable cash now down to $3.69 million

Monday, July 18, 2022, 2:28 pm News Flash Archive

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

According to the financial report provided by Mrs. Dawne Holmes, the Hospital had an operating loss of $2.62 million in June. Operating expenses were $9.26 million, while operating revenue was $6.64 million

However, the anticipated one-time USDA loss revenue grant of $1 million was received in June. This allowed the overall loss for June to drop to $1.65 million.

For the first three quarters of this fiscal year, the total loss is $10.6 million, even taking into account grants received of $9.2 million during the same three quarters.

At the end of June, the usable cash reserves, after netting out the deferred revenue and the Medicare short term loan which must be paid back, are $3.69 million. The net cash burn for June was $940,000.

The board went into executive session, with the public and press excluded for 58 minutes.

During the executive session, the board approved a recommendation to the hospital's owners (city and county) to solicit proposals from parties interested in leasing and/or operating the hospital properties. The recommendation did not name any particular possible suitor.

GLH board attorney Tom Flanagan described it this way:

The board has approved a recommendation of adoption of certain potential lease legal documents to our owners.

It's a request for proposals that allows any hospital to express an interest and submit a plan.

According to Flanagan, all five board members voted to approve the recommendation to city and county officials.

Also while in executive session, the board approved the engagement of a CPA firm. No other details were provided.

The Board of Trustees meeting may be viewed here: GLH Board Meeting, July 18, 2022

To review our reporting on GLH and its financial woes, please see here: Index of Greenwood Leflore Hospital news articles

John Pittman Hey
The Taxpayers Channel

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