CMC finances looking better

 

Last updated 4/4/2018 at 9:32am



Coming off a strong winter season, Coulee Medical Center showed upbeat financial numbers, including a nearly $200,000 gain in February and a big drop in the amount the hospital owes to Grant County.

Chief Financial Officer Kelly Hughes told Hospital District 6 commissioners Monday night of a gain of $312,830 for the first two months of 2018.

She said March had ended with CMC’s registered warrant balance at the county at $1,993,945. At one point that balance was more than $4 million. Hughes noted a government reimbursement had come in at $299,000.

In February, the hospital took in nearly $2.2 million in “net patient revenue,” that is, after insurance deductions of nearly $2.4 million. More than $1.2 million of that goes for salaries and benefits.

Jason McCormick, a partner in B2B CFO, helping CMC with financial management and more, said a crisis was averted last fall and finances are looking better, but still require careful management to get to the ultimate goal of putting at least $2 million in reserves and generating annual gains of several million to put the organization on a strong financial footing.

“We’re about a third to halfway through that process,” he said.

 

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