FFH wraps fiscal year with nearly $2 million in profit
Franklin Foundation Hospital ended its fiscal year in September with an almost $2 million profit, according to reports by Chief Financial Officer Ron Bailey.
Bailey told Hospital Service District 1 commissioners during their monthly meeting Thursday that the bottom line was 285 percent over the $518,080 projected surplus and almost $1 million over the prior year bottom line.
The revenue and expense report also indicated that there was a $48,770 profit in the month of September. While most patient revenue projections were down for the month, the decreases were partially offset by increases in labor and delivery, nursery, pharmacy, emergency room visits and physician clinic revenue, he said.
In other reports, interim Chief Executive Officer Lynn Beasley said construction of the new $2.65 million medical office building is on budget and on time to be finished in mid-April.
Beasley also reported inspection by the Joint Commission on national accreditation standards was completed last week and the hospital has received its preliminary report.
“They come in about once every three years unannounced,” he said and added, some areas needing improvements were identified.
“For the most part, the required findings relate more to documentation of what we do rather than doing what we shouldn’t do,” he said. “The vast majority of those are easy fixes and not expensive fixes.”
Once the final report is received the hospital has 30-45 days to make corrections, he said.