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Medical center CEO and assembly highlight improved cash-on-hand and audit recommendations
Summary
Petersburg Medical Center CEO Phil Hofstadter briefed the assembly Feb. 3, and Assemblymember Lim reported on an audit showing improved cash-on-hand (about 105 days) and recommended updated policies for grant and federal-reimbursement procedures.
Petersburg Medical Center Chief Executive Officer Phil Hofstadter reported to the borough assembly on Feb. 3 that he had submitted slides from a work session and thanked the assembly for their engagement; no substantive items requiring assembly action were presented.
During assembly discussion, Member Lim described results from a recent audit of the medical center: the centers cash-on-hand had increased to roughly 105 days of operating cash, an improvement from prior years, and the operating margin had improved. The audit included recommendations for formal policies and procedures for managing grant funds and for updating policies related to Medicaid and Medicare transactions, reflecting recent national changes in those programs; Lim said the hospital had begun developing revised procedures in response.
Assemblymembers praised the audit findings and noted capital work on the hospital building was under budget and on time. No formal borough action was taken at the meeting; the updates were informational and scheduled follow-up on policy work was described by hospital leadership.
