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Petersburg Medical Center reports stronger-than-budget revenues; expenses up due to staffing and supplies
Summary
CFO Jason McCormick reported gross revenues of $2.8 million and net patient revenue of $2.4 million against a $2.0 million budget; the Resource Committee flagged higher expenses driven by staffing, utilities and specialty medicines but indicated PMC remains financially stable with strong cash reserves.
Petersburg Medical Center reported stronger-than-budget operating revenue during the March 26 board meeting. CFO Jason McCormick said gross revenues totaled $2.8 million and net patient revenue reached $2.4 million compared with a budgeted $2.0 million.
Board Member Jim Roberts and the Resource Committee noted that although clinic and lab visits were down for a shorter month, hospital emergency and long-term care volumes remained steady; expenses were higher than expected mainly because of staffing needs, higher utility costs and pre-ordered specialized medicines. Roberts said PMC remains financially stable with strong cash reserves and expected funding from the Internal Revenue Service. The committee discussed ongoing grants, including a recent award for summer youth activities and applications to the Rural Health Transformation Program.
