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GLH posts $4.3 million operating loss for June, $10.2 million for first 9 months of fiscal year

Tuesday, July 20, 2021, 3:38 pm News Flash Archive

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

According to the financial report provided by Mrs. Dawne Holmes, the Hospital had an operating loss of $4.3 million in June, up from $3.2 million in May. A portion of that increase in operating loss is due to a large one-time expenditure for employee retention.

However, the Hospital posted a lower overall loss for June of $3.3 million, by drawing down $971,000 in CARES ACT and other grant money being held in reserve to offset the large operating loss.

The cash and cash equivalents burn for June was $1.9 million.

The overall loss for the first nine months of fiscal year 2021 is $10.2 million, up from $1.8 million for the same period last year.

The amount of CARES ACT and other grant money still held in reserve is $109,000, which must be applied to offset COVID-19 losses. An additional $500,000 in COVID grant money was received in June, but it can only be applied to a narrow list of specific COVID related costs in the clinics.

The Medicare advanced payment of $16.5 million, which the Hospital has not dipped into, is now being paid back. As of the end of June, GLH has paid back almost $1.2 million, including $587,000 in June.

The Board went into executive session and excluded the media and the public for 86 minutes.

In executive session, the Board voted to cancel a lease, but the identity of the lease was not disclosed.

The Board of Trustees meeting may be viewed here: GLH Board Meeting, July 20, 2021

John Pittman Hey
The Taxpayers Channel

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