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CCMH had profit of $20,359 in January; cash down by $1,180,631

CCMH had profit of $20,359 in January; cash down by $1,180,631

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Hospital Financials, January 2021

Even though statistics were down from January 2020, Crawford County Memorial Hospital (CCMH) had a profit of $20,359 in January 2021, according to information provided by CCMH CFO Rachel Melby to the CCMH Board of Trustees on Monday afternoon.

“Compared to last January, inpatient volumes were down almost 15% and total outpatient volumes were down almost 2%,” Melby reported.

Surgical procedures were down 21% and clinic visits are down by 31% for the year to date.

Melby said family medicine visits have seen a notable decrease due to the hospital being down one full-time family practitioner and the overall decline in the use of healthcare services because of COVID-19.

“On a positive note, orthopedic services are moving in the right direction,” Melby’s report stated. Tri-State Orthopedics performed 45 surgeries in the group’s first three months at CCMH on a part-time basis; 40 such surgeries were conducted at CCMH in the same period a year ago.

The small monthly profit was due to an overall decrease in operating expenses and lower contractual adjustments, she said.

The revenue deduction percentage was only 39.5% for the month, due to the receipt of the hospital’s Medicare cost report settlement for FY2020, Melby said.

Cash balances decreased by $1,180,631 during January.

According to her report, the key factors impacting cash were the capital purchase of a new c-arm (imaging scanner), a large increase in accounts receivable, and the removal of the debt service reserve with the refinancing of bonds related to hospital construction.

“However, we still maintain healthy cash reserves,” Melby reported.

The hospital had total cash balances of $17,871,053 at the end of January.

CCMH had 198 days of cash on hand.

Melby noted that for January 2020, cash balances were $9,951,882 and total days of cash on hand were 103.

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