The finances of Greenwood Leflore Hospital continued to improve in April, mostly due to holding the line on expenses as revenue increased only slightly from last year.
The hospital lost $787,261 in April, compared with $1.12 million in April 2018. Total expenses for the month were $9.69 million, compared with $9.88 million in April 2018, an improvement of about $190,000. Revenue for the same period increased about $49,000 to $8.86 million from $8.81 million in 2018.
For the first seven months of the fiscal year, which started Oct. 1, 2018, the hospital lost $3.57 million, which is a $1.43 million improvement over the $4.99 million it lost in the first seven months of the 2018 fiscal year.
The improvement came in control over expenses, which declined by $2.72 million to $68 million from $70.27 million in the previous fiscal year. At the same time, revenue decreased by $1.23 million from $65.2 million in 2018 to $63.97 million in the current fiscal year.
A supplemental analysis of the hospital’s cash position, presented by Chief Financial Officer Dawne Holmes, showed the hospital has been able to increase its cash balance by more than $2 million since the beginning of the year. The cash balance increased by $617,145 just since March.
In the first seven months of its fiscal year, the hospital ended April with $23.04 million cash and cash equivalent on hand, compared with $18.56 million in the same period of the 2018 fiscal year.
In the fiscal year to date, the hospital has used $2.77 million from its cash reserves to cover expenses. That is an improvement of $3.1 million from the same period in fiscal year 2018.
•Contact Gavin Maliska at 581-7235 or gmaliska@gwcommonwealth.com.
