MRH’s January financial report shows growth in revenue, days cash on hand
During his monthly finance report Memorial Regional Health Chief Financial Officer Sam Radke told the Board of Trustees Thursday night that the hospital’s days cash on hand continue to rise, and that January’s Gross Patient Revue was $10.2 million, which was the highest in the history of hospital.
At the January board meeting, MRH’s days cash on hand was 3.2 days with a need of $175,055 a day to run the hospital. That daily need remains the same, but the hospital is up to 4.4 days cash on hand currently. While there is some noticeable growth financially, the hospital is nowhere near where it needs to be for days cash on hand.
“There’s no reason to celebrate there just yet,” Radke told the board. “We are monitoring the cash and cash expenditures; as we said, we won’t start to see the full effects of the savings plan until May.”
While the cash on hand improves for MRH, the hospital saw a record gross revenue of $10.280 million, allowing the organization to have a positive bottom line of $425,142.00 for the month of January.
According to Radke’s report, overall expenses were down $536,852.00 over last year, which is 63% of MRH’s monthly target of $850,000.00 per month in reductions. Additionally, Radke said the net income for January 2020 was $425K, which was a vast improvement of January 2019’s $193K.
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“We’re not out of the woods yet,” Radke said. “But I believe we’re on the right path and we’re heading in the right direction; we should see a real impact come May.”
FLU SEASON SPIKES CLINIC VISITS FOR MRH
Memorial Regional Health’s clinics saw an uptick in visits locally, due in large part to flu season hitting the county hard in late January, according to MRH Vice President of Operations Jennifer Riley.
During her report to MRH’s Board of Trustees Thursday night, Riley said average visits at the Craig Rapid Care were up to 45 per day, which is a 15 per day increase from last month’s report.
According to the report, from Jan. 20-31, average patient views per day jumped to 57, which included a high of 80 patients in one day on Jan. 27.
As for Steamboat’s MRH clinic, patient visits stayed around an average of 10 for the month of January, which was on par with the previous month’s clinic report from Riley.
From a prescription side of things, Vice President of Clinical Support Services Kyle Miller reported that Steamboat’s prescription service through MRH saw an increase of 100 prescriptions in January, pushing the overall total to 500. In Craig, Miller reported that prescriptions are up to 2,350 per month locally.
Additionally, Miller said that MRH extended pharmacy hours in Steamboat to 8-5 Monday through Saturday.
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