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PMC reports improved revenues and cash position, ongoing physician recruitment challenges
Summary
PMC finance staff reported higher-than-budget monthly revenues ($2.7M) and 132 days cash on hand following receipt of ERC funds, while CEO Phil Hoffster described recruitment struggles to fill a fourth physician and emphasized reliance on nurse practitioners and a PA to maintain access.
Finance staff presented monthly and year-to-date operating results, and PMC’s CEO described workforce and service developments.
The finance presenter said clinic visits were up 4.2% year-to-date and reported $2.7 million in gross revenue for the month, above a budgeted $2.6 million. Year-to-date revenues were approximately $1.5 million above the prior year and above budget. "We have 2.7 million in gross revenues for the month compared to a budget of 2.6," the finance presenter said.
The presenter noted a reduction in contractual allowances tied to an anticipated Medicare interim rate review and said days cash on hand stood at 132, driven in part by receipt of ERC funds and improvements in revenue-cycle recovery. The report flagged expense pressures from utilities, repairs and contract labor related to the new work building and said operating margin for the month was 14%.
CEO Phil Hoffster described recruitment challenges for a fourth physician and explained PMC’s strategy of sustaining access through mid-level providers: "We do have three full-time family practice physicians, two nurse practitioners and a physicians assistant," he said, noting nurse practitioners and the PA provide primary care while recruitment continues.
The finance presentation also noted a roughly 20% reduction in expected 340B revenue compared with previous years because of federal program changes; staff said this was a nationwide effect rather than specific to PMC.
Board members asked for more detail during budget review; staff said the board will receive a proposed budget at the next meeting and that leadership will finalize policies and procedures ahead of the year-end audit.
No formal fiscal actions were approved at the meeting; the board moved into an executive session afterward to consider medical staff appointments and legal/financial concerns.
