Hospital reports improved January results and says Department of Commerce P3 grant is in final steps
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Summary
Hospital officials told the board that net patient revenue rose and the hospital returned to operating income in January; staff said they will attend a Department of Commerce meeting on a P3 grant that the transcript records as a preliminary award 'up to 1000000000 dollars,' with a fallback figure of $735,000 if only phases 1 and 2 proceed.
Hospital executives told the Shared Medical Center Board of Trustees that January brought higher patient volumes and improved finances, and that staff are pursuing a public–private (P3) grant through the Oklahoma Department of Commerce.
A presenter reported that "net patient revenue at an increase of a 106,000 over, prior month for January" and that the hospital had a "net operating income of $501,000" after a loss in the prior month. The presenter said monthly net income is over projections and described the trend as positive for staff retention and operations.
The presenter also described next steps on a P3 grant with the Oklahoma Department of Commerce, saying staff would attend a final meeting. The transcript records a preliminary award described as "up to 1000000000 dollars" if three proposed projects are completed; it also records that if only phases 1 and 2 proceed, the award would reduce to $735,000. The transcript contains these two figures as stated by the presenter; the board did not provide additional clarification during the meeting.
On revenue-cycle work, the board heard that vendor CodeQuik presented an action plan to reduce denied COVID claims and proactively contacted Medicare when it suspected an overpayment, steps the presenter described as protecting hospital cash flow.
Separately, the Homestead entity reported a January loss of $16,693; staff said the increase in 'other expenses' stemmed partly from utilities posted to the wrong accounting period and that further analysis is under way.
What’s next Staff said Candace and another executive will attend the Department of Commerce meeting related to the P3 grant. The board did not take any formal funding action at the meeting; the grant remains pending and the recorded dollar figures in the transcript should be verified by staff.
