3:28 pm
Fair, 57°
     News Flash    Monday, December 11, 2023
News Flash Subscribe to News Flash Emails
Greenwood Leflore Hospital posts operating loss for August of $1.55 million, available cash down to $793,000

Wednesday, September 20, 2023, 4:43 pm News Flash Archive

The Greenwood Leflore Hospital Board of Trustees held its regular monthly meeting today.

According to the financial report given by Mrs. Dawne Holmes, GLH had an operating loss of $1.55 million in August.

However, because GLH received a draw of $1.14 million in August from the $10 million loan arranged by Leflore County, the hospital showed an overall loss of only $413,000.

At the end of August, the useable cash and equivalents were $793,000.

As of the end of August, the hospital still owes Medicare $4.63 million. The Medicare loan is being paid down at around $102,000 per month.

Mrs. Holmes told the board that the MHAP payment was less than the usual monthly payment by $539,000, which happens every quarter due to cyclic variations in the payment formula.

In addition, due to an error by CMS, GLH did not receive its expected annual Cost Report Settlement of $953,000 in August. That money was finally received in September, and will be reflected in the financial statement next month.

Finally, August had three payrolls in expenses, which exacerbated the operating loss figure.

No mention was made of the Leflore County Board of Supervisors' action last week denying the hospital's request for a September draw of just over $1 million from the $10 million loan. See our previous reporting here: Leflore County Board of Supervisors denies Greenwood Leflore Hospital's request for $1 million draw for September payroll

It remains unknown whether the supervisors will change their minds and provide the supplement, which was being used to keep the hospital open until it learns the fate of its critical access application from CMS. If GLH obtains the critical access designation, it is believed that the hospital will receive significantly greater payments for services it provides to Medicare patients.

The board went into executive session, with the public and the press excluded for 44 minutes.

The Board of Trustees meeting may be viewed here: GLH Board Meeting, September 20, 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

News Flash Archive