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Greenwood Leflore Hospital suffers $1.30 million operating loss in January, overall loss of $160,107

Tuesday, February 21, 2023, 3:56 pm News Flash Archive

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

According to the financial report given by Mrs. Dawne Holmes, the Hospital had an operating loss of $1.30 million in January. Operating expenses were $6.20 million, while operating revenue was $4.90 million.

The overall loss was much smaller, $160,107, due to Greenwood Utilities and the city forgiving $134,458 in utilities for the month of January, and the county giving the hospital $1 million.

January is the last month for utility forgiveness for electricity, but water and garbage costs will continue to be forgiven through March.

At the end of January, the cash and equivalents were $4.38 million. Of the cash left, $2.60 million cannot be touched legally because it is in trust to cover the malpractice insurance. That would mean that in reality, at the end of January, there was only $1.78 million in cash on hand left to spend.

In January, the hospital made approximately $103,000 in payments to Medicare for the repayment of the short term loan. The hospital still owes Medicare $5.23 million.

The board approved the hiring of Eddie Stuckey to appraise the off-campus property owned by GLH, at a cost of $12,500. He is expected to complete the appraisals the first week in April.

The board then went into executive session, with the public and the press excluded for 37 minutes.

The Board of Trustees meeting may be viewed here: GLH Board Meeting, February 21, 2023

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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