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Greenwood Leflore Hospital suffers $1.73 million loss in February, down to $800,000 in available cash

Tuesday, March 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 overall loss of $1.73 million in February. Operating expenses were $6.16 million, while operating revenue was $4.42 million.

In the first five months of the fiscal year, revenue is down to $23.9 million compared to $38.1 million the previous year. Expenses are down to $32.3 million compared to $47.6 million the previous year.

At the end of February, the cash and equivalents were $3.43 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 February, there was only around $800,000 in cash on hand left to spend.

In February, the hospital made approximately $103,000 in payments to Medicare for the repayment of the short term loan. The hospital still owes Medicare $5.15 million.

According to CEO Gary Marchand, the hospital at present has 386 FTE ("full time equivalent") employed, compared to 786 FTE prior to COVID.

The free utilities from the city of Greenwood and Greenwood Utilities has come to an end. In addition, the $1.25 million final contribution from Leflore County was not received until March, so it does not show up on the February financial statements.

The board approved a one-year extension on the lease for two urologists, Drs. Windham and Renthrop, who occupy a portion of the building the hospital owns that also houses the orthopedic surgeons. The urologists hold clinic in that office, but do not perform any surgeries or procedures at GLH.

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

The Board of Trustees meeting may be viewed here: GLH Board Meeting, March 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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