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Finance report shows improved cash metrics; MRI service pending certificate-of-need decision
Summary
CFO Jason McCormick reported that days cash on hand rose to 134 and gross days in accounts receivable improved from about 100 to 60, while outpatient and inpatient revenues trailed budget partly because MRI services are not yet available pending a Certificate of Need decision.
CFO Jason McCormick told the board that while operating results showed a modest loss for the month, several indicators have improved: "Days cash on hand increased to 134," he reported, and gross days in accounts receivable have improved from approximately 100 days to 60. McCormick said inpatient and outpatient revenues were slightly below budget, citing MRI unavailability as a contributing factor.
CEO Phil Hofstetter earlier summarized community interest in MRI access and noted the Certificate of Need process: "A hearing was held in early February, and community participation was strong, with 29 individuals providing testimony." Board members discussed the potential impact on revenue while staff continue to pursue Medicare reimbursement adjustments and pursue group purchasing options to reduce supply costs.
