GRMC February financials released, audit received

Graham Regional Medical Center saw an operating loss of $184,000 for the month of February, but after other forms of incomes, including taxes, the hospital had a net income of $101,000.

“A couple of reasons for that, we had a $110,000 uncompensated care payment, which went straight to the bottom line,” GRMC CFO, Jeff Casbeer, said. “We also had a change in payer mix, we saw about a 15 percent drop in our Medicare payer mix and about a 7 percent increase in our commercial payer mix.”

Casbeer added bad debt for the month was at $454,000. The hospital also saw its highest ever up-front collections at $65,698. He said expenses for the hospital were below budget by $3,500, even with higher salaries.

The CFO said it costs $54,000 to run the hospital daily and there is currently about 56 days worth of cash on hand.

For the rest of the story see the Saturday, March 23 edition of The Graham Leader.