Home Uncategorized May a record-breaking month at Howard Memorial

May a record-breaking month at Howard Memorial

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NASHVILLE – Howard Memorial Hospital enjoyed yet another month of record-breaking financials in May, Chief Financial Officer Bill Craig announced Tuesday during the hospital board’s monthly meeting.
According to Craig’s report, the hospital brought in a profit of $35,386 compared to a budgeted loss of $23,087, a $58,473 variance driven by a large number of emergency and surgery cases and reimbursement from Medicare for reaching ‘stage two meaningful use’ in electronic records compliance. Craig said HMH ended the month with 146.7 days cash on hand, beating its target of 145 days and setting a record in that particular financial indicator.
Despite the positive news, Craig reported that the hospital was actually well below its target for collectible revenue during the month, missing its budget by over $160,000. Approximately $29,000 of that variance came as a result of construction delays at the hospital’s geriatric behavioral health clinic, which Craig said administrators had hoped would be operational by this point in the year when preparing their budget. The remainder of the deficit was driven by an increase in outpatient volume which outpaced reimbursements from Medicare and Medicaid, he said.
In other business, CEO Debra Wright reported that the pace of construction on both the geriatric facility and the hospital’s second medical office building has picked up considerably courtesy of favorable weather, although an electrical inspector is requiring some work on the latter project to be redone above and beyond what’s required by code. Wright said the responsible architect had appealed the requirement, but the appeal was denied and workers may need to uninstall some sheetrock in order to complete the request – changes that will increase the cost of the endeavor by an unknown amount.