TMH strategy for funding presented |

TMH strategy for funding presented

Amy Hamilton

Hospital board members discussed at their Wednesday night meeting whether to honor a request for additional money from the hospital’s financial adviser for the new hospital or wait until the company produces a loan application.

The Memorial Hospital has paid $43,000 to Innovative Capital since 2003, according to its contract, but the company is asking for an upfront sum of $20,000 more. The hospital owes the company $37,000 more, contingent upon the completion of a loan application for the new hospital.

Hospital board members have said they want to try to increase revenues at the hospital before presenting an application to lenders. Some board members thought approving the financial transfer to Innovate Capital is too soon.

“We don’t want to sign something right now that we don’t need yet,” board member Don Myers said.

Board members agreed to further discuss the issue at a later date.

Wednesday night was the first board meeting for the hospital’s interim administrator, Susan McGough. McGough presented some goals that she thought the hospital could work toward. Those include improving the hospital’s lighting, its patient care, continuing employee education and recruiting a general surgeon. She also noted that the hospital should establish a review of senior management’s purchases and employment. McGough said the hospital staff should try to spend less money in the day-to-day operations.

“We want to move towards the mentality that this is what I do and it’s important, how can I spend less,” she said. “Before we spend something we should ask is there a way I can add value to the dollar.”

In other business board members unanimously:

  • approved an audit report.
  • approved a medical air system upgrade for $6,413 and an inspection service and repair of the hospital’s anti-fire and smoke system for $9,740.
  • approved budget parameters for 2006. The parameters are based on estimates for the number of patients seen by the hospital. Patient admissions have increased by 50 compared to last year.

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