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Finance update: March revenue near budget and cash reserves stable
Summary
CFO Jason McCormick reported March gross patient revenue of $2.6 million (budget $2.7M), operating revenue $2.5M vs budget $2.4M, a $157,000 operating margin for March, and 114 days cash on hand with about $2M operating cash and $4.8M in long-term investments.
CFO Jason McCormick told the board that March gross patient revenue totaled $2.6 million compared with a $2.7 million budget, while total operating revenue was $2.5 million against a $2.4 million budget. Salaries and wages exceeded budget by approximately $81,000, producing an operating margin of roughly $157,000 for the month.
McCormick reported that cash and investments remain stable, with about $2 million in operating cash, $2 million in short-term government securities and $4.8 million in long-term investments, yielding 114 days cash on hand. He noted a temporary decline in investment balances tied to unrealized market volatility that produced a net negative change in performance of $286,000; leadership emphasized this reflected unrealized fluctuations rather than operational losses.
Operational metrics showed year-to-date primary care visits up 2.5% over last year and home health visits up 22% year-to-date. Swing bed days and long-term care volumes were down 7% year-to-date, and observation days decreased by 26% in March, likely due to more patients being admitted rather than placed in observation status.
