GSHA reports another loss
Expenditures outpaced revenues by about a half of million during the 2008-09 fiscal year for the Good Samaritan Hospital Association, continuing a trend of deficit spending for the Rugby facility.
The GSHA board reviewed the fiscal year-end financial report at its annual Oct. 5 meeting.
However, there were some encouraging signs to point to, according to Bonnie Kuehnemund, hospital comptroller.
Revenues showed a significant increase over the previous fiscal year, largely attributed to additional inpatient and swing bed care. Cash assets also increased by 21 percent which was a result of additional donations and successful short term investments.
The change in designation to critical access hospital has significantly reduced the amount of uncollectible dollars the facility can’t recoup in providing care for Medicare or Medicaid patients. Uncollectible costs last year was about $600,000 less than the previous fiscal year which the facility was still designated as a Prospective Payment hospital.
The rate of GSHA’s defecit is smaller than other rural health care facilities, Kuehnemund notes. And with the planned integration of the hospital and clinic in the coming year, that will only improve the Medicare-Medicaid reimbursement levels for the facility, and thus continuing to reduce the amount of uncollectible costs the facility must absorb.
Total expenditures were $17,287,873 while revenues reached $16,792.983, leaving a net loss of $494,890. However, the facility does have a sizable cash asset at $826,439.
The largest expenditure was wages and salaries, totaling $8,559,456 – A six percent increase over last year. The facility did see a drop in the number of full time employees from 246 in 2007-08 to 241 this past fiscal year. The expenditures included about $1.1 million in depreciation and amortization toward the debt.
On the revenue side, inpatient and outpatient revenue was up $300,000. Long term care revenue showed a small gain and there was an increase in assisted living services at the Haaland Home Estates.
There was, however, about a $100,000 decrease in revenue for Haaland Estates basic care services compared to the previous year.
Total admissions were 735 which was up last fiscal year. The biggest gain was in acute inpatient (418). Long term care admissions (87) was up slightly from 81 a year earlier. Emergency room visits (2,163) were down as well as outpatient surgeries. The total number of outpatient visits was 30,607.
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