Alva Review-Courier -

Share Medical Center hopes to see audit report by January

 

October 31, 2021



Share Medical Center CFO Chris Lauderdale presented financial reports to the Alva Hospital Authority during the Oct. 26 meeting. He said the auditors had been at the hospital the preceding week, and everything was “moving along fairly quickly.” If things continue on track, he said the audit could be finished in December or January.

Reporting on Share Medical Center, Lauderdale said operating cash balance for September was $80,080 which represented 2.5 days of operating expenses excluding depreciation. The hospital accounts receivable balance was $6,571,621, an increase of $191,340 during the month of September. Lauderdale said unbilled accounts are higher than he would like. They have met with TruBridge, the firm hired to handle billing, about the climbing accounts receivable amount. The new department manager for Share’s “team” with TruBridge is optimistic that she can get accounts receivable under control in two weeks.

Trustee Greg Bowman asked if the problem in accounts receivable collections is with patients or with insurance. Lauderdale said it was a little of both. A problem with insurance claims has been that claims with an issue such as wrong coding could sit moths without being corrected. He hopes better communication with TruBridge will remedy this.

The hospital’s accounts payable balance for September was $497,838 representing 39 days of operating expenses excluding costs related to salaries, benefits and depreciation.

Hospital gross patient revenue for the month totaled $1,933,949 which was a $42,073 increase compared to the prior month. Total patient days for September were 91 compared to 140 in August. Total clinic office visits for September were 2,227 compared to 2,348 in August.

Hospital operating expenses excluding salaries, benefits and depreciation for September totaled $293,411, a decrease of $163,666 compared to the prior month.

Hospital salaries and wages for September totaled $576,082 which was an increase of $45,802 compared to the prior month. Lauderdale said in September, there was an overlap of providers. During October Paige Krukenberg, PA was leaving and Dr. Bryce Galbraith leaves in November. That will cause the salaries and wages to decrease.

Before non-operating revenue and expenses, the net operating loss was $216, 436. The non-operating revenue includes interest income ($1,153), city water contribution ($2,241) and sales tax ($108,044). Non-operating expense includes interest expense of $17,400. After including the non-operating accounts, the hospital had a net loss for September of $122,398.

Share Convalescent Home

Share Convalescent Home had an operating cash balance for September of $304,538 which represented 30.6 days of operating expenses excluding depreciation. The convalescent home accounts receivable balance of $1,384,237 increased by $47,349 during September.

Accounts payable balance for September was $114,025 representing 32.6 days of operating expenses, excluding the costs related to salaries, benefits and depreciation. Convalescent home gross patient revenue for the month totaled $246,454 which was an increase of $11,255 from August. Total patient days for September were 1,237 compared to 1,174 in August.

Convalescent home operating expenses excluding salaries, benefits and depreciation for September totaled $107,202, an increase of $31,774 compared to the prior month. Convalescent home salaries and wages for September totaled $169,430, a decrease of $21,324 compared to August.

The net income for September was $3,348.

Although Administrator Kelly Parker was not present for the meeting, he provided a written report. Orieta Jackson was chosen was Homecoming Queen and rode on the Share Convalescent float during the NWOSU homecoming parade. During September garden activities remained popular with sunflower seeds and some tomatoes being harvested.

The resident and family satisfaction survey had a 94 percent overall satisfaction rating in September with dining services the only one below 100 percent.

The Homestead

The financial report for the Homestead shows a net income of $13,844 for September compared to a net income of $5,655 in August.

Revenue from meals was $11,498 in September compared to $5,971 in August. Lauderdale said meal income probably will be down in October due to Covid-19 cases among dietary staff resulting in a shutdown of catering and some meal service.

During September, the NWOSU girls’ basketball team visited the Homestead once a week to play games with residents. Otherwise, bingo is still the biggest hit.

The Homestead has one two-bedroom apartment ready to be refurbished. A total of four refrigerators for residents’ rooms have been purchase in the last two months. One more will need to be ordered for an unoccupied room.

Two air conditioning units in unoccupied rooms are completely out. With winter coming on, those will not be replaced until the City of Alva encumbers the money in March 2022.

A video of the Alva Hospital Authority meeting may be seen at http://www.AlvaReviewCourier.com.

 

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