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CFO reports highest gross revenue month; cost‑report settlement bolsters February results but AR rises
Summary
Share Medical Center's CFO reported February as the highest gross revenue month of the year, helped by a $690,000 cost‑report settlement and a $94,000 Medicaid incentive payment; accounts receivable rose to about $4.9 million after billing delays caused by coding software downtime.
Share Medical Center's Chief Financial Officer, Kelly, reported that February produced the hospital's highest gross patient revenue year-to-date and a stronger net result than budget so far this year, driven in part by a $690,000 cost‑report settlement and a $94,000 Medicaid incentive payment.
Kelly told trustees gross patient revenue for February was $2,521,911 and the hospital ended the month with a cash balance of $132,688. Accounts receivable rose to about $4.9 million, an increase of roughly $850,000 from January, which Kelly attributed in part to a period when the center's 3M coding software was down and caused a billing delay. Net patient revenue was reported at $1,370,646, an increase of about $560,000 from January.
Other figures presented: the hospital wrote off $58,773 to a collection agency; charity care totaled $20,000; operating expenses (excluding salaries, benefits and depreciation) were $663,008.21 for February. Salaries and wages were reported at $534,000 for the month. Kelly said year-to-date net income was $862,559 and that those year-to-date totals benefited materially from the cost‑report payment.
Trustees asked about wind damage to the hospital roof. Kelly said a section of the newer roof membrane separated from insulation during high winds and that the hospital is obtaining quotes for replacement; she noted the insurance deductible equals 2% of the property's value and that the deductible may limit how much the insurer will cover.
The board moved to approve and accept the written report for March 2025; the motion by Dr. Simon, seconded by Mr. Bowman, passed by roll call: Bowman — yes; Burke — yes; Simon — yes; Mossberg — yes; Brown — yes; Hannaford — yes; Martin — yes.
