Holy Cross Medical Center finance update shows near-term loss; HDAA payment expected to restore balance

Holy Cross Medical Center finance staff briefed the Taos County Commission Dec. 16 on year-to-date financial results and capital projects. The hospital reported net patient revenue below budget, deductions (Medicare/Medicaid/third-party write-offs) near 53% of gross revenue, and a year-to-date operating loss of about $2.016 million — approximately $834,000 worse than budgeted. Presenters said the hospital expects third-quarter HDAA funding to total $3.7 million, netting about $3.4 million after offsets, and that booking those funds in December should return the facility to a positive position.

Staff also reviewed service-volume trends: inpatient admissions and average daily census were down in some areas while newborns and imaging (notably ultrasound) were ahead of budget. Hospital leaders described steps to increase captured volume (hiring primary care providers, building an urgent care in the planned medical office building) and listed capital spending that has been reimbursed or is in process. Completed and installed items include a portable X-ray, EKG machines, roof repairs and echo machine; projects near completion total approximately $4.5 million and include telemetry monitors, OR humidifiers and a nurse-call system.

Commissioners asked for clarity on the LEA building (ambulance housing and education center), contractor signings and the project timeline. County and hospital staff said contract language inconsistencies were being resolved and that a contractor signature was expected soon. Commissioners praised staff and hospital leadership for progress on equipment and facility repairs and emphasized the county’s role as fiscal agent for some reimbursements.

Presenters emphasized that capital reimbursement requires items be paid and placed in service before the county can request funds; commissioners asked staff to continue regular updates on contractor status and schedule.