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Story Archives: Riverland Medical Center finances improving
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|Riverland Medical Center finances improving|
Riverland Medical Center Auditor Bobby Miller told hospital board members Tuesday that while finances are improving "there are still things you can do to better build cash reserves."
Miller, who is employed with Lester Miller & Wells in Alexandria, said Riverland had a $100,000 turnaround from last year when the hospital had a $74,000 loss of revenue. Riverland had a profit of $39,033 for the last fiscal year.
Miller said because collections were behind due the 2004 change to "critical access hospital care" that this year should be a windfall year.
"You had gotten behind on collections and that should be catching up beginning this year," he said. "And you need to make sure with commercial insurances that things that are denied are followed up and getting re-billed."
Miller told the board they can improve their finances by doing a better job of collecting bad debts and changing their clinics over to Rural Health Clinics "because there is money falling through the table."
Chairman Fred Butcher asked Miller how the hospital can make that change.
"That depends on how quick you can get a survey done," he said. "Sometimes that can take up to six months depending on what the state has on their list."
Miller said revenue was down 7.8 percent last year because of shutting down labor and delivery in 2006, but expenses were down 8.7 percent.
Riverland had a profit of $55,310 in January. The hospital had total patient revenue of $2.449 million, revenue after adjustments of $1.150 million and total expenses of $1.095 million.
"We're about on track to have the same total revenue in February," said Riverland administrator Vernon Stevens. "We should have right at $2,400 million."
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