Hospital reports positive financial news | Local News
Magnolia Regional Medical Center ended August with positive EBITDA of $ 366,353.
Net income for the month was $ 3,124,680. Chief Financial Officer Roxanne Stewart said inpatient admissions fell to 97. She said clinic visits were 1,173. There were 123 surgeries.
Emergency room visits reached 933.
The hospital had non-operating income of $ 69,271, including $ 59,666 in sales tax income.
Since the start of the year, the hospital has a positive EBITDA of $ 690,923.
Gross income is $ 55,530,338, with net income of $ 23,307,151 after contractual allowances and charitable care deductions of $ 155,424.
The net labor expenditure is $ 6,068,017. Non-operating profit for the year is $ 3,040,379, including $ 556,116 in sales tax revenue and $ 2,382,353 in grant revenue, primarily related to COVID.
In other board news:
– The board approved a budget for fiscal year 2021-2022 with gross revenue of $ 61,692,699, positive EBITDA of $ 873,269 and net loss of $ 1,121,119.
– Council discussed a capital budget for 2022-24 of $ 2,287,736. This budget includes upgrades to the nursery security system, a new ultrasound machine, a new mammography unit, and upgrades to the nurse call system. This budget is basically a wish list for the hospital.
– Dr. Kevin Rudder has already performed 144 surgeries since April, grossing $ 2.3 million. He is currently booked in November for surgeries and the use of MAKO Ortho Robot is more than enough to meet reimbursement requirements.
– The board discussed changes to insurance offerings in transition to an HSA system.
– The board approved the continuation of the Arkansas trauma program.
The next meeting will be on October 25th.