Archive for the ‘Finance’ Category

MCDH Chief Financial Officer Bob Anderson

At last Thursday’s MCDH Board of Directors meeting, the Financial report for the month of December 2010 and the first 6 months of fiscal year 2010-2011 was announced to the Board and the public.  For the month of December, we reported a positive net revenue from operations of $217,687 and a positive net income from all sources of $305,926.  This is the highest single month for positive net revenue since June of 2009 and the highest month for positive net income since May of 2009.  These results are due to high volume for inpatient, outpatient and surgical services at MCDH for the month of December.   Although our inpatient census tracked very close to budget for the month, we had a higher percentage of acute and critical care patient days this month and a lower percentage of swing days, which resulted in high inpatient gross revenue.  It also helped that other revenue categories in outpatient, North Coast Family Health Center and Home Health all exceeded our budget as well this month.   It was good to see our outpatient services (those provided by our laboratory, diagnostic imaging, physical therapy, etc) grow this month. 

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These are difficult times in the United States and in our World.   When unemployment rises and the housing market tanks, it affects us in the rural parts of our Country too.   And in our case, on the Mendocino Coast, maybe it affects us more.   We rely upon tourism in this charming and quaint seaside community.    So when money is tight, there tends to be less travelling and less spending.  Our hospital is struggling along with the rest of our community.  This year we will end our fiscal year with a loss from operations for the first time in the past 4 years.   That means that the income generated through our charges for medical services during the past 12 months was not sufficient to cover our expenses.   In fact the shortfall was over $2 million.  Our total budget at MCDH is $43 million.  So the $2 million difference is very significant.  The good news for MCDH is that during the past 12 months we have also had income from other means outside of our operations.  In fact we received over $2 million in property tax income, charitable contributions, investment income and other contributions.  The bottom line result is that we expect to end the fiscal year ended June 30, 2010 with a bottom line positive gain.    That too is significant. 

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