Health care is now big business. Care centers must retain a strong bottom line economically to survive. Lexington Regional Health Center’s board of directors heard positive news towards that end on Tuesday at their board of director’s meeting.
Wade Eschenbrenner, Chief Financial Officer, reported that the hospital’s operating cash is $4,401,292 compared to July of last year when it was at $2,992,073. Eschenbrenner said that his office is working to find money wherever they can.
“We are really trying to hone our processes to make sure we can collect as much as we can,” Eschenbrenner said.
Total assets for the hospital are at $65,132,170 as opposed to $57,742,184 last year at this time. Eschenbrenner said that hospital’s current liabilities are down by about $300,000. Operating revenue was up by nearly 16% for the month from gross patient services. Salary, wages and employee benefits came very close to budget. Overall, last month though, LRHC lost $104,800.
Several members reported that July is often a slower month for the hospital.
Nicole Thorell, chief nursing officer and Dana Steiner, executive director of patient services, were given awards by the Nebraska Action Coalition 40 under 40 which recognizes Nebraska’s emerging nurse leaders.
Dr. Francisca Acosta-Carson was award the Caring Kind Award by the Nebraska Hospital Association.
The Nebraska Hospital Association recognizes one trustee state-wide that has shown great leadership and hospital governance. This year’s award was given to former LRHC board president, Kerry Teetor.
In other business, the board approved the purchase of a new digital x-ray ($210,000) and construction work in the pharmacy where they are building negative and positive pressure rooms per new government regulations.
LRHC Chief Executive Officer Leslie Marsh discussed the issue of health care institution’s future because of the upcoming presidential election. Marsh said that regardless of the outcome in November there could be changes. She said, however, any changes in the Affordable Care Act will probably not change the key provisions.
Marsh told the board that 1/3 of the hospitals in the U.S. are operating at a negative margin economically, 1/3 are at a razor’s edge and the other 1/3 are doing well. She said that urban hospitals are doing significantly better than rural. She urged the LRHC to continue to be progressive and manage change.
“We must be creators and embrace disruption,” Marsh said.