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.