In addition to approving a positive yearly audit of the 2008 financial statements for Phelps County Regional Medical Center, the Board of Trustees also had the pleasure of approving financial statements detailing another record-breaking month of business during its monthly meeting on Wednesday.
As a result of another positive financial statement, the first five months of 2009 have the distinction of being added to the hospital’s “Top Ten Busiest Months” list.
Financial statements revealed net patient revenue for May was over budget by $473,000 at $14.36 million; total expenses were $14.22 million, also over budget by $101,000.
Hospital income from operations was $993,000 in May and $5.07 million year-to-date, which “. . . was excellent and exceeded our expectations,” explained Vice President and Chief Financial Officer Jerry Paule in a memorandum to the Finance Committee.
Additionally, nonoperating revenue exceeded expectations of the budget by $266,000 because of excellent market conditions, said Paule.
Total cash and investments stood at $70.44 million at the end of May, which reflected a $555,000 increase from the end of April.
Total debt stood at $54.28 million, which reflected a $222,000 decrease since April.
Cash and investments, less debt, totaled $16.15 million, which showed a $5.08 million increase from the end of 2008.
Chief Executive Officer John Denbo, while presenting an overall snapshot of hospital progress, told the trustees, “In many ways, we are moving with momentum. Our audit report and profitability indicators are good.”
Another report given to the board was the Integrated Quality Assessment Committee Summary, which was presented by Administrative Director Linde Merrow, Clinical Quality and Measurement.
According to the report, the first-quarter, 2009 National Hospital Quality Measures (Core Measures) yielded all “A” composite scores in acute myocardial infarction at 97.8 percent; heart failure at 97.2 percent; community-acquired pneumonia at 94.7 percent; surgical-care improvement project at 91.5 percent and outpatient measures at 90.4 percent.
Additionally, the report indicated that of the 8,637 patient visits to the Emergency Department in the first quarter of 2009, there were 13 complaints by patients, which accounted for one complaint for every 664 patients.
Also, a survey team from a consulting firm, Compirion Healthcare Solutions, LLC, which is completing a 25-week survey on various aspects of patient care at the hospital, reported to the board on the initial pilot projects it has undertaken, including triage registration, shift-manager rounding, audit of nurses’ documentation, lab collections and patient satisfaction surveys.
The three largest problems encountered in the “Patient’s First” program, the survey team said, was an expeditious move from the emergency-room lobby to an examination room, keeping patients informed of delays and moving patients to upstairs rooms after they’ve been admitted.
Buy-in from hospital staff was an essential component of the program, the team members said.
