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October financials show $2M revenue shortfall; committee praises progress on aged payables but flags $987,000 denial spike
Summary
October revenue fell about $2 million short of budget primarily because inpatient revenue was $4.5 million below budget while outpatient revenue exceeded budget by about $2.5 million. Cash fell from $13.0M to $6.9M as the hospital paid down aged accounts payable; the revenue-cycle report flagged $987,000 in denials for October, including a $600,000 denial from Oscar Health Plan that has been appealed.
Hospital finance leadership told the committee that October revenue was about $2 million below budget as inpatient revenue fell approximately $4.5 million while outpatient revenue exceeded budget by about $2.5 million.
Rick Mercato summarized the income statement, saying the inpatient shortfall included a $2.2 million adjustment related to a prior-month accrual and lower volume (average admissions dropped from 225…
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