Despite having to pay several large invoices this month described as "once a year charges such as building insurance and malpractice fees," the Adams Memorial Hospital (AMH) still showed a positive balance at the end of the first month of 2013, according to a report issued Wednesday night to members of the Adams Health Network (AHN) Board of Trustees.
Chief Financial Officer Dane Wheeler answered questions from the board about the financial statement which included approximately $300,000 in insurance fees. He noted, for example, that AMH is required by insurance companies to purchase floor insurance for both the Evergreen Court Apartments location at 1145 Mercer Avenue and the Medical Office Building at 955 High Street.
"Evergreen Court suffered a lot of damage in the big flood a few years ago so that makes sense. The doctor's building has never been damaged, but the government says it is in a flood plain so it (flood insurance) is mandated," he said.
For further details, see today's printed edition.