The recent discovery of state tax funds found lounging in state coffers instead of being returned to local and county municipalities has been a big factor in the Adams Memorial Hospital's financial picture staying in the black for the year.
Despite a drop in most categories in April from the previous month, hospital officials reported they have taken in $198,744 more than what they have spent as of the end of April.
That came about as the newly found tax money contained County Economic Development Income Tax (CEDIT) dollars and the hospital receives a good chunk of Adams County's amount to help pay off the bond issue generated seven years ago for the construction of the new hospital.
When operating revenue was compared to operating expenses for the year to date, the hospital showed a deficit of $292,353. But after non-operating revenue was added (including approximately an extra $180,000 in CEDIT money), the hospital credited $491,097 in that account, thus keeping it in the black.
Another plus is that while $14,689,293 had been budgeted for expenses in the first four months of the year, hospital officials were able to significantly reduce that amount to $13,728,665.
Among certain statistics, only inpatient admissions at the Village of Heritage and Woodcrest had risen along with the number of patient days generated at the two nursing homes operated by the hospital by the end of April, as compared to April, 2011. Other statistics have dropped, such as hospital patient days (—113), babies born at the hospital (—3), surgeries (—20), outpatient registrations (—478, down 5,809 to 5,331), and emergency room visits (—75).
Still, Chief Financial Officer Dane Wheeler told members of the Adams Health Network board of trustees at their monthly meeting Wednesday night that the hospital remains on firm financial footing. He said the hospital has 114 days of operating cash on hand (length of time the facility could operate without any additional income coming in). And while that's down slightly from this point of 2011 (125 days), the State of Indiana average for health care facilities is 64 days and in the United States is 61.
Wheeler told trustees that 71.25 percent of revenue from the hospital comes from outpatient sources while inpatient funds the other 28.75 percent. Medicare money accounts for 60 percent of the inpatient mix at the hospital, according to statistics provided.