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Trustees hear Homestead losses and SSM submits plan for rural health transformation funds
Summary
Board members were told Homestead experienced operating losses in July and August and that the hospital system submitted a plan to the Oklahoma Health Authority for allocation from the federal Rural Health Transformation Fund. Trustees were also told nursing-home assets will move to hospital financials in the FY2025 audit.
Trustees were briefed on the Homestead senior-care facility's recent operating losses and on system-level efforts to secure federal rural health transformation funding.
Staff reported Homestead recorded a loss of about $17,000 in August and a loss of about $7,000 in July. Leadership said Homestead has cash on hand to sustain operations in the near term but plans to consult with Tanya (staff member) to identify steps to increase occupancy and revenue. The presenter said these monthly losses are not typical and that deaths and turnover had reduced residency levels.
Separately, the board was told that, when auditors complete the fiscal year 2025 audit, the nursing-home assets will be moved to the hospital financials. The presenter said this accounting change will occur as part of the FY2025 audit process.
At the system level, the presenter said SSM submitted a plan as part of state-level allocations for the federal Rural Health Transformation Fund — the presenter referenced the $50,000,000 national allocation that will be distributed to states and said the Oklahoma Health Authority (OHA) is expected to oversee the state distribution. The submission described a unified plan covering software, hardware and behavioral-health expansions and value-based readiness; staff noted other regional health systems also submitted proposals.
The presenter also noted representation at a recent World Health RHAO convention in Tulsa and that a regional administrator was recognized for leadership in rural emergency hospital conversion. Trustees asked no follow-up questions on these items during the meeting.
Next steps
Staff said they will spend time with Homestead leadership to identify revenue strategies and will coordinate with auditors on the planned FY2025 accounting change for nursing-home assets. The system will await OHA guidance on the Rural Health Transformation Fund allocations.
