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Greenwood Leflore Hospital posts overall profit of $786,289 in March; six month fiscal year loss totals $5 million

Tuesday, April 18, 2023, 6:00 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 profit of $786,289 in March. However, that included $1.25 million as a gift from Leflore County, and a $250,000 gift from the city of Greenwood for utilities.

For the first six months of the fiscal year, the overall loss totals $5 million, even after including grants and gifts from the city and county of just over $4 million.

Expenses per day for March were down from February.

At the end of March, the cash and equivalents were $3.21 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 March, there was only around $608,000 in cash on hand left to spend.

In March, the hospital made approximately $103,000 in payments to Medicare for the repayment of the short term loan. The hospital still owes Medicare $5.06 million.

At the county's request, the trustees approved a Shared Expense Letter and Consulting Agreement, to have an outside firm come in and audit the hospital's books. The county and the hospital will split the cost and the expenses incurred, but no money figures were mentioned during the meeting.

The board then went into executive session, with the public and the press excluded for 26 minutes.

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