FFH shortfall due to patient volume
Finances at Franklin Foundation Hospital in February, the fifth month of the fiscal year, ended with a $110,578 deficit, according to Ron Bailey, hospital chief financial officer.
Bailey told Hospital Service District 1 commissioners Thursday during their monthly meeting that the loss could be attributed to lower patient volume than projected as well as the shorter month of 28 days. Budget figures predicted a $35,104 profit.
The actual year-to-date bottom line was $112,044 at the end of the month.
Gross patient revenue came in at just over $2.7 million which was $504,000 under budget. Acute admissions at 41 as compared to 67 in the budget were 38 percent under budget and acute patient days at 131 as compared to 226 in the budget were under budget almost 42 percent.
Bailey said the slow volume trend continued in early March but has picked up in the latter part of the month.
In other business the board welcomed the interim chief operating officer Phil Lowe.
Lowe said he would be working with the board and medical staff for the next three to four months on ideas to increase out patient revenues.
“We’re just going to work really hard on our strategic approach,” he said.
Bailey noted that the hospital’s management group, Quorum Health Resources is continuing the search for a permanent CEO. A previous candidate selected by the board declined the offer at the last minute due to a family emergency.