Inpatient revenue hands Foundation July loss

Franklin Foundation Hospital experienced a $235,069 loss in the month of July, according to reports from Chief Financial Officer Ron Bailey.

Bailey delivered the hospital’s finance report Thursday to the Hospital Service District 1 Board of Commissioners during their monthly meeting.

Shortfalls in the budget, which projected a $13,705 profit, were mostly recorded in inpatient revenue which was almost $250,000 or 22.26 percent under budget. Actual total inpatient revenue was just over $872,000 as compared $1.1 million in the budget. Swing bed numbers also were off budget with the actual amount at almost $101,000 as compared to almost $288,000 in the budget.

Total patient revenue was ahead of budget by 2.4 percent at $3.13 million as compared to a $3.05 million projection.

Net revenue was almost $1.46 million as compared to $1.65 million in the budget.

Operating expenses of $1.89 million were $1.81 over budget or 4.30 percent.

In other business the board heard from Chief Executive Officer Parker Templeton that a purchase agreement on the former hospital building was signed on Aug. 7 with MRP-St. Mary 2012 with a $100,000 purchase price.

Templeton said Mike and Brenda Peralta intend to use the building as an independent retirement and geriatric care facility. There is a 60-day due diligence period and a March 29 closing date deadline in the agreement.

The board also approved low income and needy care collaboration and Medicaid hospital supplemental payment program participation agreements dealing with reimbursement mechanisms.

St. Mary Now & Franklin Banner-Tribune

Franklin Banner-Tribune
P.O. Box 566, Franklin, LA 70538
Phone: 337-828-3706
Fax: 337-828-2874

Morgan City Daily Review
P.O. Box 948, Morgan City, LA 70381
Phone: 985-384-8370
Fax: 985-384-4255

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