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PMC finance report shows positive month; tax-credit claim and Medicare desk review affect statements
Summary
Petersburg Medical Center finance staff reported a strong March operating month, a recorded Employee Retention Tax Credit claim of $2.933 million, a $450,000 Medicare desk-review payment expected, and cash improvements tied to billing changes and cost-report settlements.
Petersburg Medical Center finance staff told the board April 24 that March produced a positive operating month and that several large accounting items will influence upcoming financial statements.
Kent, a hospital finance presenter, said gross revenues for the month were about $2.6 million against a budget of $2.3 million, and net revenue was about $2.0 million against a $1.8 million budget. He reported strong volumes in swing-bed and rehab services and cited outpatient, inpatient and clinic statistics for the month.
Kent told the board that PMC recorded a claim for the Employee Retention Tax Credit (ERTC) totaling $2,933,000. The hospital has retained a firm to file the claim; Kent said IRS processing is slow and payments…
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