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Memorial Medical Center reports $710,000 net loss in April; court hears plans for outside financial review
Summary
Memorial Medical Center told the Calhoun County Commissioners Court that April produced an approximate $710,000 net loss and outlined steps including retaining outside firms for a comprehensive financial analysis; commissioners were told all options are on the table.
Memorial Medical Center (MMC) representative presented a detailed operational and financial update to the Calhoun County Commissioners Court, saying, "Net loss for April was, $710,000, approximately." The presenter said net patient revenue for April was $2,410,000 against operating expenses of $3,640,000 and reported operating cash at the end of April of $1,130,000. The representative attributed pressures to reimbursement delays and plan denials common among rural hospitals.
MMC told the court the hospital is working with Texas A&M and Torch to retain two consulting firms for a comprehensive analysis of revenue cycle, organizational design and cost reporting. "Healthcare Advanced Revenue Strategies" will conduct a focused revenue-cycle assessment and CLA will assist with cost report analysis, the presenter said. The hospital representative cautioned that spending cuts can affect future Medicare cost-report reimbursements and said "everything is on the table" as the county and hospital explore options. The presentation closed with a plan to present preliminary findings to the board later in June and to schedule an executive session for a full review.
