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Hospital posts three months of positive operating margins; insurance premiums fall about 7%
Summary
Finance staff reported the hospital's annual insurance premium renewals total just over $900,000 for the next fiscal year — roughly a 7% decrease — and noted three straight months of positive operating margin, with May at just over $300,000 (~4%) and year-to-date margin approaching $600,000.
Ben presented the insurance and financial update, reporting that total annual insurance cost for the next fiscal year is "just over $900,000," about a 7% decrease versus the current fiscal year while maintaining the same coverage lines. He credited brokers for negotiating lower rates, particularly on excess workers' compensation, property, and cyber premiums.
On operations, Ben said May produced a positive operating margin just over $300,000 (roughly 4%) and year-to-date a positive operating margin approaching $600,000 with one month remaining in the fiscal year. He said June appears likely to exceed budget on volume and gross revenue, and highlighted MRI throughput — more than 300 MRI exams in May for the second straight month — and ER visits nearly 15% over budget as notable volume drivers.
