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Medical care facility reports midyear budget shortfall; MOE request for bond interest expected in October
Summary
The Jackson County medical care facility reported July revenue below budget and expenses above budget, leaving a year-to-date shortfall the facility said could be partly offset by an expected Oct. 1 Medicaid rate increase.
Jackson County’s medical care facility presented July and year-to-date financials at a Human Services Committee meeting, reporting revenue shortfalls and expenses above budget for the period.
A facility representative identified July revenue as $43,883 behind budget and said July expenses exceeded budget by $217,868. The net position for July was behind budget by $261,751. Year to date, the presenter said revenue trailed budget by $406,313, expenses exceeded budget by $457,276 and the change in net position was behind budget by $863,597. The facility reported 54 admissions and 42 discharges in July and said year-to-date admissions totaled 351 with 341 discharges.
The presenter told commissioners a Medicaid rate increase is expected to take effect Oct. 1 and that staff anticipate that change will help offset the year-to-date decline in fund balance. Accounts receivable days were reported at 49 (below the facility goal of 54), and cash on hand was estimated at 37 days. The facility said $1,310,000 remains to be repaid on a Medicaid overpayment; other repayment funds have been made and the remaining amount is not expected to be due until next year.
The facility has asked to use maintenance-of-effort (MOE) funds of $76,559.38 to cover a November bond interest payment; staff told the committee the MOE resolution is commonly requested for that purpose and that the item is expected to appear before the full board in October. Committee members expressed concern about continued declines in fund balance and asked staff to report back on revenue recovery in the final quarter.
Commissioner Snell moved and Commissioner Williams seconded a motion to receive the facility’s financial report; the committee voted by voice to receive the report.
