Crawford County Memorial Hospital (CCMH) experienced a modest increase in patient volumes in May as some concerns subsided during the COVID-19 pandemic, but the hospital ended the month with revenue falling short of budget by $1,932,914, according to information presented to the CCMH Board of Trustees on Monday afternoon.
Patient volumes were down by 23 percent compared to May 2019, but the month was an improvement over April when revenue was off by 40 percent, according to CCMH CFO Rachel Melby.
To offset the lost revenue, CCMH has maintained “reasonable staffing levels, while at the same time reducing expenses.”
As a result, operating expenses were under budget by $568,189 for the month.
Hospitals nationwide have been severely affected by the impact of COVID-19 pandemic, the finance committee report noted.
CCMH received a second round of funding from the federal CARES (Coronavirus Aid, Relief, and Economic Security) Act Provider Relief Fund in May, which will help the hospital’s financial situation.
Rural hospitals and clinics around the country received a total of $10 billion; CCMH received $3,879,478, which was based on the hospital’s operating expenses.
CCMH also received an additional $98,993 to offset expenses incurred while testing for the coronavirus at the CCMH clinic.
Due to the stimulus payments, CCMH’s net profit for May was $3,501,441, with cash balances increasing by $4,423,811.
CCMH had 212 days of cash on hand as of the end of May, which was up from 162 days at the end of April.
Melby noted that a return to “normalcy with healthcare volumes and operations” is not expected for nine to 12 months.
She said there was no guarantee of additional federal funding, so the stimulus payments received in the last several months will be used to subsidize lost revenue through most of the next fiscal year.