Phelps County Regional Medical Center experienced a net loss of $424,000 in January, according to financial reports presented Wednesday to the hospital’s Board of Trustees.


Phelps County Regional Medical Center experienced a net loss of $424,000 in January, according to financial reports presented Wednesday to the hospital’s Board of Trustees.


Citing low patient volume, particularly in outpatient services, which reflected a loss from operations of $105,000, and a loss of $319,000 in nonoperating investments, PCRMC Interim Chief Financial Officer Edward Clayton told trustees and other members of the Finance Committee that January business “got off to a slower start.”


“It’s been 13 months since we’ve seen a month like January,” Clayton said, referring to a 21-percent decline in outpatient visits in January as compared to the same month in 2009.


Adjusted patient days (patient days adjusted for outpatient activity) were 6,939 in January, which came in under budget by 713, or 9.3 percent. Additionally, emergency-room visits, which had been budgeted for 3,100 in January, actually totaled 2,600, or 500 visits less than what was anticipated, Clayton reported.


“Usually, we’re pretty busy in January,” Clayton said. “Going forward, we’ll keep our eyes on it.”


All total, net patient revenue of $14.25 million was under budget by $1.4 million.


Significantly offsetting an even further decline in income was a significant reduction in expenses, which totaled $14.8 million in January and came in under budget by $936,000.


Total cash and investments for the hospital stood at $71.9 million at the end of January, which showed a $2.23 million decrease from financial statements on record at the end of December.


The PCRMC Board of Trustees also approved the Risk Management Plan for 2010 and the By-Laws of PCRMC Health Services Inc., neither of which incurred any changes from the previous versions.