MMH financials finally back in compliance
For the first time in a year, the Melissa Memorial Hospital financial report is back in compliance.
Members of the East Phillips County Hospital District board of directors heard the good news from Julie Vernon, MMH controller, at a regular monthly meeting Tuesday, July 28.
According to board policy, cash and cash equivalents are to be no lower than 100 days of average cash operating expenditures. MMH reported 103 days of operating days cash on hand in June 2019, and since then had been out of compliance, dipping well below the goal of 100 days.
In June 2020, the operating days cash on hand was back on track at 113, up from the 88 days reported for May.
Total days cash on hand is 311, an increase of 12 days, said Vernon.
She said net income for the month of June was $684,911. Year-to-date net income was $1,027,146, which is $675,742 over budget.
In June, MMH received its 2019 Medicare cost report settlement in the amount of $662,688.
Vernon said no additional COVID-19 relief funding was received in June, but MMH did recognize $783,040 as grant revenue from previous funding that had originally been recorded as a liability.
In other business at the July 28 meeting, the board:
— Heard an administrator update from CEO Cathy Harshbarger regarding leadership qualities, rural health clinics and legislative budget actions.
— Approved Form 2530 for updates to corporation appointments.
— Approved changes to Policy 3.0 regarding governance-management connection.
— Reviewed Policy 2.6 regarding asset protection and Policy 1.3 regarding MMH being recognized for quality.
— Heard an update about the Holyoke Community Childcare Initiative. A proposal was recently made to the City of Holyoke, which is being asked to own the proposed child care center for 10 years so that the City can apply for a $1.5 million grant for the $3.5 million facility. The HCCI board is waiting to hear back from the City.
— Approved credentialing for three initial applications and 10 reappointments.
— Extended the declaration of local disaster emergency for another 30 days.
— Heard a quality committee report from Jenn Cano.
— Received an update regarding Melissa Memorial Hospital Foundation, which has $114,611 to put toward the 3D mammography project. The MMHF board is still deciding what to raise money for next.
— Held a 34-minute executive session for strategic planning/mammography and strategic planning/physician recruitment.