Hospital bottom line ever blacker
Thanks to a continuing effort to reduce expenses, the Adams Memorial Hospital (AMH) financial sheet presented to the Adams Health Network (AHN) Board of Trustees Wednesday night shows a solid bottom line for the year with the network having an $814,570 surplus.
When the 2013 budget was adopted last year, it was anticipated a surplus of just under $130,000 would be on the books at this time but budgeted expenses for the year have been significantly down.
The financial report for the month of May was nearly a break-even month with the hospital reporting a deficit of a mere $164 after expenses were subtracted from revenue.
For the year to date, the hospital has taken in $17,500,970 in total operating revenue and non-operating revenue of $527,244. Expenses of $17,213,644 leaves the balance as of May 31 at $814,570.
In a financial report read to the trustees by interim Chief Executive Officer JoEllen Eidam (in place of absent Chief Financial Officer Dane Wheeler), the hospital had $36,979,401 in total patient service revenue for the first five months of the year. However, contractual obligations and discounts to insurance companies and other payouts ($16,785,273) along with bad debt ($2,945,215) brought the revenue figure down to the $17,248,913.
Other operating revenue of $252,057 brought the finances up to the $17,500,970 quoted by officials.