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Hospital records profitable month Print E-mail

Interim CFO Carl Menist reported to Hospital Board members at the December meeting that October was a profitable month for the Bamberg County Memorial Hospital. “Overall we had a good month in October,” Menist said.

Menist said the hospital showed a profit of $20,000 in the month of October noting that overall profits for the year had been budgeted conservatively at $450,000 and despite the slow start the facility should end the year in the black.

“Our overall profit budgeted for the year is to make about $450,000. We’re trying to be conservative, we want to beat that. Even with the slow start, the improvements the rest of the year are scheduled to bring us a nice profit for the year.”

Menist said the facility recorded a “slightly higher” than budgeted net revenue of eight percent in October over September. Net revenue in October was $1.76 million compared to September’s $1.63 million. The figure represented a $130,000 positive variance over the previous month.

The profit the hospital showed was driven by a 19 percent increase in patient volume from 381 patient days in September compared to 457 patient days in October and increase in medical procedures.

Laboratory and x-rays were up 20 percent and surgeries were up nine percent from 253 to 276.

The hospital recorded expenditures of $1.74 million for October, which was a little under the budgeted amount of $ 1.75 million for the month, but an increase over the $1.6 million for September. Menist stated the September figures were “a little artificially down” because of the year-end inventory adjustment of $150,000, but they were still “pretty much in line” with the previous month resulting in the $20,000 profit.

Menist said it was important to note that one reason for the hospital’s resurgence over the last 18 months was the management of the facility’s salaries and expenses, which he called the hospital’s “most significant individual expense.” The hospital showed salaries and benefits came in under budget $48,000 in October compared to September.

“All in all, that is a good start,” Menist said.

Also during the financial report under Unexpected Monthly Building Costs/Repairs:

. Menist reported that the hospital recorded repairs of $4,000 in October; which included ceiling tile that was replaced as a result of a roof leak, a boiler fan motor had to be replaced as well a water feed pump in the boiler room. In November the hospital had $6,900 in unexpected expenditures related mostly to the heating and air conditioning unit, the biggest was a stem leak in the boiler room. The chiller on the nursing room floor needed to be repaired at a cost of $59,000.

. Bamberg Memorial Hospital Chairwoman Lou Ann Carter informed the board that members of Bamberg County Council have “been working well with us.” She stated that several members of council praised the hospital and staff for the job they are doing. “Everything on that end seems to be going well,” Carter said.

 
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