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Finance committee reviews August financials: revenue below budget, accounts payable falls
Summary
Hospital finance staff reported August revenue $871,000 below budget driven by inpatient shortfalls, a reduction in accounts payable from $16.5 million to $8.62 million, improved cash collections and revenue-cycle metrics including a 1.2-day reduction in unbilled days.
Hospital finance staff reviewed August financial statements at the Hospital Authority Finance Committee meeting and highlighted a mixed month: revenue declined versus budget while expenses were under budget largely because of a reversal of a year-end accrual.
Dr. Blackledge presented the August income statement and said top-line revenue was $871,000 less than budget. She said outpatient revenue exceeded budget by $629,000 but that inpatient revenue was about $1.5 million under budget. "Top line revenue was 871,000 less than budget," she said. The presenter attributed an overall favorable…
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