At yesterday’s DCHS Hospital Board of Trustees regular session meeting, Finance Committee Chairman, Jeff Campbell delivered the 2018 August financial data report.
DCHS showed a profit of $51,016 for the month of August and the DCHS team is optimistic of the positive results of their expense reduction initiatives. Although, the financial picture for DCHS looks stable for the next couple of months, there are still efforts being made to increase the utilization of DCHS services. Despite the reduction in its operating expenses, DCHS is seeing a large increase in the Uncompensated Care they are providing to the community. 5.3 million dollars is the total amount of the DCHS Uncompensated Care expense YTD through August.
Venable, LLC Representatives Bart Stupak and Andrew Currie were in attendance to share their initial thoughts about being hired by DCHS to create and implement a strategic plan to improve the financial strength of Dickinson County Healthcare System.
After a preliminary review of the 2016 – 2018 DCHS Financial statements former Congressman Bart Stupak stated, “We expected bad financials and they are really not that bad. DCHS has assets that are greater than their liabilities and their defined benefit pension plan is funded at a little over 70 percent. From what we can see bankruptcy is totally off the table and we are not even thinking that right now.”
To assist with the full assessment of the DCHS financial picture and to determine the best possible solution, Venable made the recommendation to the Board to seek a consultant to perform a “feasibility study”.
The Hospital Board of Trustees voted and approved Venable’s recommendation to seek a consultant to perform the study and provide Venable with the data necessary to properly evaluate the DCHS revenue sources and expenses.
The overall theme of the meeting was one of optimism and focusing on a positive future.
IN OTHER NEWS
- A review of patient activity throughout the month of August showed the following:
- Cared for 252 inpatients;
- Cared for 14,369 patients in the outpatient hospital setting including the Emergency Department;
- Cared for 11,034 patients in physician offices;
- Cared for 1,167 patients in the Emergency Department; and
- Uncompensated Care provided for the month totaled $855,605.
- The hospital board also reviewed and approved the financial report for August of 2018. The healthcare system had $9,039,082 in total operating revenue and expenses totaling $8,933,046 that resulted in a gain in operating income of $106,036. After the calculation of non-operating revenue and expenses, August closed with a positive bottom line of $51,016.
August’s performance brought the year-to-date for 2018 to a loss in operating income of ($3,651,622). After the calculation of non-operating revenue and expenses, through August the 2018 year-to-date bottom line is a negative ($4,109,990).
DCHS will continue to provide regular updates to the community.