Memorial Hospital reports a good first financial quarter, welcomes new hospital authority member
Published 7:34 pm Tuesday, July 18, 2017
The Memorial Hospital and Manor authority met Tuesday afternoon and welcomed newly appointed board member Dr. Cliff Bailey, a local veterinarian.
The financial key indicators reported a net income of $243,554 for the month of June, leading Interim CFO/CEO Gregg Majors to comment, “It was a good month.”
He went on to explain how the first quarter of the fiscal year was positive, explaining it is even better since traditionally the first and second quarters of the year are usually the worst financially. The net revenue was slightly down from that of May, but expenses were also down, making for a positive income figure. He said the proceeds were being used to continue to pay down the accounts payable, and the receivables are looking much better. They have gone from an average of 90 days down to about 60 days on receiving payments on patient accounts.
Lee Harris, director of support services, reported that there were no capital improvement purchases to consider this month, and that things are moving forward on two projects previously approved—new lighting for the operating rooms and the plans to change the front of the hospital area to accommodate new outpatient services. The east side will be made into a lab area and pre-assessment unit, moving the registration clerks to a more private area. It will consolidate surgical pre-admission procedures to one area so patients don’t have to travel all over the hospital.
Harris also spoke of working with a search firm to attract new physicians. They have been presented with eight candidates, four primary care physicians and four who specialize in obstetrics/gynecology. A new general surgeon, Dr. Myers will begin next week.
Majors gave a report on the search for a new CEO, indicating a search firm has been selected. A team from the company has visited the hospital and community and has developed a profile of what they believe the successful candidate will be like. A list of candidates will be proposed and he expects it will be around the first of September before any decisions are made.
Majors also reported on grants that are in process for Memorial Hospital and Manor.
A Two Georgia Initiative Grant for $100,000 annually for three years, is used for planning and a Rural Health grant in the amount of $250,000 for three years will go to develop a Community Health Improvement Plan (CHIP). This sparked comments from board members that there have been strategic plans developed before, but nothing has come of them. Charles Tyson stressed the importance of having an action plan and a specialist in place to administer the grants.
STRATUS has also applied for a mental health services integration grant that will be awarded in the fall.
Majors updated information on the Pharmacy 340 B plan saying a third party administrator, Sentry Rx Preferred, has been chosen and should be in place January 2018.
Also the hospital pharmacy will begin to serve the Manor as of September.
The results of the employee satisfaction survey are in, and Majors said there are many good suggestions made. Meetings with department heads to discuss the concerns expressed will be held soon.
The Tax Credit has been finalized on the state level and the Authority will choose a point person to raise awareness in the community of how they can make donations to the hospital, in return for a 90 percent state tax credit, and claim it as a deduction on federal taxes.
The hospital has also issued a request for proposals for a new Emergency Room provider. The goal for implementing the new Tele-nephrology program is expected to be live in September, with new technicians coming on board to handle the increased volume.
It is believed the increased services and the receipt of more grants will go toward further improving the financial condition of the hospital and manor.