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Hospital operating loss swells to $2.58 million for December

Tuesday, January 19, 2021, 9:00 pm News Flash Archive

Today, the Greenwood Leflore Hospital Board of Trustees held its regular monthly meeting.

Horne CPA representatives delivered the audit for fiscal year 2020. They stated that the audit is more complicated due to the CARES Act grants and Medicare advance payments, but there were no outstanding issues or problems to report. Patient revenue went down substantially from 2019 due to COVID lockdown issues.

Horne's audit indicates that the hospital's overall loss was $2.5 million in 2020 after taking into account application of CARES ACT grant money of $13.5 million.

According to the financial report provided by CFO Dawne Holmes, the Hospital had an overall operating loss of $2.58 million in December, up from $1.95 million in November.

However, the Hospital posted an overall profit for December of $186,000, by drawing down $2.7 million in CARES ACT and other grant money being held in reserve to offset the large operating loss.

The cash and cash equivalents burn for December was $2.28 million.

The Board went into executive session and excluded the media and the public for 88 minutes.

The Board meeting may be viewed here:
GLH Hospital Board Meeting of January 19, 2021

For complete coverage of these and other hospital milestones, please go here: Taxpayers Channel coverage of Greenwood Leflore Hospital's downfall.

John Pittman Hey
The Taxpayers Channel

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