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Trustees receive financial update; $275,000 Medicare overpayment was clawed back and repaid
Summary
Board leaders reported operating cash just over $3.2 million, accounts receivable above $4.2 million, February net income $207,795, and a $275,000 Medicare overpayment that was clawed back and repaid between March 3 and March 16; trustees approved routine agenda items and personnel actions.
The Board of Trustees received a financial report that showed modest operating liquidity but a recent Medicare overpayment that briefly strained cash flow.
The presiding trustee reported that operating cash for February was a little over $3,200,000 — about 65 days of operating expense — and hospital accounts receivable were a little over $4,200,000, an increase of about $560,000 during the month. Gross patient revenue for the period was $2,549,000 (up roughly $220,000 from the prior month). Net operating income for the hospital was reported as $108,000 and net income for February as $207,795.
Candace, the CEO, said a Medicare overpayment of $275,000 was clawed back beginning March 3 and was repaid by March 16. “That hurt. But, hey, it's done. And we survived,” she said, describing the repayment as settled.
The CEO also noted that the 340B program remained on hold due to claims processing issues and leadership is monitoring the situation. In operational updates, the radiology department is installing a new X‑ray grid, mammography passed its FDA inspection with zero deficiencies, and a new homestead director, Emily O’Brien, is starting next Monday.
On procedural matters the board approved the consent agenda by roll call (motion by Doctor Brown; second by Doctor Simon) and approved and accepted the shared medical center written report for March 2026 (motion by Doctor Brown; second by Mister Bowman), both recorded as unanimous in the roll calls provided in the transcript. The board also reappointed allied staff member Steve Madrid (Family and Emergency Medicine) by roll call.
Next steps: leadership will continue monitoring 340B and claims issues and report on any material impacts to revenue or operations; trustees asked staff to follow up on cash‑flow and reimbursement issues.
